Spot silver, gold up on bullish global advice

Mumbai, Sept 21: Despite yesterday's downward trend in bullion closing prices, today it made a smart recovery in spot silver and closed high at Rs 17,880 per kg while gold finished firm at Rs 8,765 per ten gm, on fresh speculative demand in view of bullish advice from global markets, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened high at Rs 17,755 per kg on fresh demand by industrial users at yesterday's lower levels.

Later it closed high again at Rs 17,880 per kg with a massive gain of Rs 235 from its yesterday's close.

There was a lack of offers by dealers in view of encouraging advice from the overseas markets.

In London, silver was today quoted firm at USD 11.10/11.25 per troy ounce, compared to its last close of USD 10.74/10.95 per troy ounce in New York on Wednesday.

Similarly, standard gold (99.5) and pure gold (99.9) crossed again Rs 8,700 marks and opened high at Rs 8,665 and Rs 8,715 per ten gm, respectively, on improved seasonal festival buying support by jewellery makers.

Both the yellow metals closed high at Rs 8,715 for standard mint and for pure gold at Rs 8,765 per ten gm. Values of Standard mint and pure gold rose smartly by Rs 70 each, from its last close.

There was reduced offers by stockists because of firm advice from the abroad markets. Local demand was increased from jewellery makers.

In London, gold quoted high at US dollar 583.00/583.50 per troy ounce against USD 574.00/575.00 at New York yesterday.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,880 (Rs 17,645), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,715 (Rs 8,645), Pure gold 99.9 purity : Rs 8,765 (Rs 8,695).

UNI