Gold, silver glitters on bullish global advice

Mumbai, Aug 27 (UNI) Values of gold and silver glittered from mid-week onwards as gold rose by Rs 120 per ten gm and silver by Rs 1,070 per kg, in the week ended on August 26, traders at the bullion market said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened high on Monday at Rs 9,305 and Rs 9,355 per 10 gm, respectively, on good demand from local dealers.

The prices were high on August 24 at Rs 9,4450 for standard mint and Rs 9,500 for pure gold, while its low was on August 21 at Rs 9,360 and Rs 9,410 respectively.

Finally, they closed high at Rs 9,425 for standard mint gold and Rs 9,475 for pure gold per 10 gm.

Both the yellow metals showed a huge gain of Rs 120 each from their previous weekend close.

There was increase of fresh demand from jewellers in view of the incoming festival and better advice from the global markets.

Meanwhile, in the global markets like London, gold was quoted high at about USD 621.50/623.00 per troy ounce during the week ended August 25, as against the previous weekend's close of USD 614.25/615.00 in New York, traders added.

Similarly, silver .999 fineness ready grade opened upwards on Monday at Rs 19,075 per kg on good demand from domestic industrial users.

It was high on August 24 at Rs 19,350 while it was low on August 21 at Rs 19,075. It finally closed at Rs 19,260 per kg, with a massive gain of Rs 1,070 from the previous week's close.

In the global markets, silver was also quoted high at USD 12.40/12.42 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 12.01/12.05 in New York, traders added.

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