Silver at four mts high, gold rally on firm global advice

Mumbai, Sep 7 (UNI) Spot silver value closed at three-and-a-half months high at Rs 20,030 per kg while pure gold also rallied to Rs 9,545 per ten gm on increased of fresh seasonal demand along with bullish advice from global markets, traders at the Bombay Bullion Association today said.

Trading resumed after yesterday holiday. Prices of silver .999 fineness variety opened lower at Rs 19,940 per kg on thin demand.

Later it crossed Rs 20,000 mark again in mid-session. Finally it closed four months high at Rs 20,030 per kg with massive gain of Rs 190 from its previousday's close.

There was reduced stock supply by ornament makers in view of good advice from overseas markets.

In London, silver was quoted high at USD 13.24/13.28 per troy ounce, compared to its last close of USD 13.20/13.24 per troy ounce in New York on Wednesday.

Similarly, standard gold (99.5) and pure gold (99.9) also opened upwards at Rs 9,490 and Rs 9,540 per ten gm, respectively, on improved demand.

Later, both the yellow metal closed high at Rs 9,495 and Rs 9,545 per ten gm with a gain of Rs 40 each from their last close.

There was sustained good seasonal demand by stockists in view of better advice from global markets.

In New York, the yellow metal also quoted high at USD 632.40/632.90 per troy ounce, compared to its previous close of 630.10/631.00 per troy ounce, traders added.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 20,030 (Rs 20,010), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,495 (Rs 9,475), Pure gold 99.9 purity : Rs 9,545 (Rs 9,525).

UNI AR PM NV1832