Gold, silver prices soar on bullish global advice

Mumbai, Aug 6 (UNI) Values of spot gold and silver zoomed up before closing at Rs 9,820 per ten gm and Rs 19,175 per kg, respectively, during the week ended on reduced stock supplys, in view of forthcoming festival along with bullish advice from the global markets, traders at the bullion market said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened high on Monday at Rs 9,630 and Rs 9,680 per 10 gm, respectively, on good demand from local dealers.

The prices were high on August three at Rs 9,855 for standard mint and Rs 9,900 for pure gold, while its low was on August one at Rs 9,595 and Rs 9,645 respectively.

Finally, they closed high at Rs 9,770 for standard mint gold and Rs 9,820 for pure gold per 10 gm.

Both the yellow metals recorded a huge gain of Rs 160 for standard gold and Rs 165 for pure gold, from their previous weekend close.

There was an increase in fresh demand from jewellers in view of encouraging advice from the global markets.

Meanwhile, in the global markets like London, gold was quoted high at about USD 646.50/647.00 per troy ounce during the week ended August four, as against the previous weekend's close of USD 634.25/635.00 in New York, traders added.

Silver .999 fineness ready grade also opened high on Monday at Rs 18,085 per kg on better buying support from domestic industrial users.

It touched the Rs 19,000-mark on August three at Rs 19,030 in the opening session and its high was on August five at Rs 19,175. Its low was on August one at Rs 18,045. It finally closed high at Rs 19,175 per kg, with a massive gain of Rs 1,170 during the week from the previous week's close.

In the global markets, silver was also quoted high at USD 12.38/12.39 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 11.35/11.36 in New York, traders added.

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