Silver zooms up 3-month high, gold rises

Mumbai, Sept 3: Prices of silver zoomed up three-months high at Rs 19,750 per kg, while gold rose at Rs 9,495 per ten gm on bullish global advice in the week ended on September two, traders at the bullion market said.

Silver .999 fineness ready grade opened low on Monday at Rs 19,250 per kg on poor demand from domestic industrial users.

It was high on September two at Rs 19,750 while it was low on August 29 at Rs 19,065. It finally closed at a three-month high at Rs 19,750 per kg, with a massive gain of Rs 490 from the previous week's close.

In the global markets, silver was also quoted high at USD 12.90/12.95 per troy ounce in London during the week ended last Friday, as against the previous week's close of USD 12.40/12.42 in New York.

Similarly, standard mint gold (99.5) and pure gold (99.9) spot rates opened flat on Monday at Rs 9,425 and Rs 9,475 per 10 gm, respectively, on moderate demand from local dealers.

The prices were high on September two at Rs 9,445 for standard mint and Rs 9,495 for pure gold, while its low was on August 30 at Rs 9,300 and Rs 9,345 respectively.

Finally, they closed high at Rs 9,445 for standard mint gold and Rs 9,495 for pure gold per 10 gm.

Both the yellow metals showed a gain of Rs 20 each from their previous weekend close.

There was reduced stock supply from jewellers in view of the festival and good advice from the global markets.

Meanwhile, in the global markets like London, gold was quoted high at about USD 625.50/626.00 per troy ounce during the week ended September one, as against the previous weekend's close of USD 622.25/623.00 in New York, traders added.

UNI