Silver touches three-month high, gold rises on increased demand

Mumbai, Sep 2 (UNI) Spot silver rose to a three-month high and closed at Rs 19,750 per kg while gold rose to Rs 9,495 per ten gm on fresh demand, traders at the Bombay Bullion Association today said.

Silver .999 fineness variety crossed the Rs 19,700-mark and resumed at Rs 19,735 per kg. Later, it closed at a three-month high of Rs 19,750 per kg with a huge gain of Rs 120 from its yesterday's close.

There was less stock supply from jewellers in view of better advice from overseas markets.

In London, silver was quoted high at USD 12.90/12.95 per troy ounce, compared to its last close of USD 12.70/12.80 per troy ounce in New York on Friday.

Similarly, standard gold (99.5) and pure gold (99.9) also opened upwards at Rs 9,440 and Rs 9,490 per ten gm and closed slightly high at Rs 9,445 and Rs 9,495 per ten gm with a gain of Rs five each from their last close.

There was improved demand by stockists in view of encouraging advice from global markets.

In New York, the yellow metal also quoted high at USD 625.10/626.00 per troy ounce, compared to its previous close of 624.50/625.00 per troy ounce.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 19,750 (Rs 19,630), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,445 (Rs 9,440), Pure gold 99.9 purity : Rs 9,495 (Rs 9,490).

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