Silver zooms up on strong global advice, gold eases on dull demand

Mumbai, Sep 4 (UNI) Spot silver zoomed up at Rs 19,820 per kg on strong advice from global markets, but pure gold variety closed a low at Rs 9,485 per 10 gm on sluggish ornament makers' demand, traders at the Bombay Bullion Association today said.

Silver .999 fineness variety resumed high at Rs 19,815 per kg on scattered demand from local dealers. Later, it closed firm at Rs 19,820 per kg with a smart gain of Rs 70 from its Saturday's close.

There was increased industrial users demand induced by better advice from overseas markets.

In London, silver was quoted high at USD 13.00/13.01 per troy ounce, compared to its last close of USD 12.90/12.95 per troy ounce in New York on Friday.

But, standard gold (99.5) and pure gold (99.9) also opened upwards at Rs 9,470 and Rs 9,515 per ten gm respectively on festival demand till mid session.

But later it declined to Rs 9,435 and Rs 9,485 per ten gm with a loss of Rs ten each from their last close.

There was sustained heavy selling pressure by stockists despite better advice from global markets.Local buyers were cautious because of import gold was costlier than domestic prices.

In New York, the yellow metal also quoted high at USD 626.10/627.00 per troy ounce, compared to its previous close of 625.50/626.00 per troy ounce, which its did not impact on domestic prices, traders added.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 19,820 (Rs 19,750), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,435 (Rs 9,445), Pure gold 99.9 purity : Rs 9,485 (Rs 9,495).

UNI VD/AR KU SKB1907