Gold, silver zooms up on bullish global advice

Mumbai, Aug 2 (UNI) Values of pure gold and silver today zoomed up sharply to close at Rs 9,850 per ten gm for pure gold and for silver at Rs 18,480 per kg mainly on bullish global advice, traders at the Bombay Bullion Association said.

Standard gold (99.5 purity) and pure gold (99.9 purity) prices opened at two-week high at Rs 9,790 and Rs 9,840 per ten gm on increase of fresh demand.

Later, both the yellow metals improved to close still higher at Rs 9,800 and Rs 9,850 per ten gm, with a huge gain Rs 205 each from their yesterday's close.

There was heavy festival demand from ornament-makers in view of good advice from overseas market.

In London, the yellow metal was quoted high at USD 647.00/648.00 per troy ounce, as compared to USD 633.50/634.00 per troy ounce at New York Tuesday.

Similarly silver .999 fineness variety opened at eight-week high at Rs 18,470 per kg.

Later, it moved upwards to close at Rs 18,480 per kg with a massive gain of Rs 435 from its last close.

There was better buying support by stockists in view of better advice from oversea markets.

In London, silver was also quoted high at US Dollar 11.76/11.77 per troy ounce, as compared to its last close of USD 11.35/11.36 New York, traders pointed out.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,480 (Rs 18,045), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,800 (Rs 9,595), Pure gold 99.9 purity : Rs 9,850 (Rs 9,645).

UNI VD-AR MJ AW1838