Silver up by 2-1/2 week, gold two-week high

Mumbai, Sep 27 (UNI) Spot silver shot up by Rs 330 per kg while gold rose by Rs 55 per ten gm on fresh buying support, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened high at Rs 18,285 per kg on good demand. It increased in mid-session on heavy festival offers and closed at 2-1/2 week high at Rs 18,435 per kg with a huge gain of Rs 330 from yesterday's close.

There was increase of fresh demand from industrial users in view of bullish advice from overseas market.

In London, silver was quoted high at USD 11.50/11.60 per troy ounce, compared to its last close of USD 11.15/11.17 per troy ounce in New York on Tuesday.

Similarly, standard gold (99.5) and pure gold (99.9) opened high at Rs 8,900 and Rs 8,950 per ten gm, respectively, on better buying support.

Both the yellow metals closed two-week high at Rs 8,935 and at Rs 8,985 per 10 gm with a gain of Rs 55 each from their last close.

There was reduced stock supply by stockists along with by upward trend from global markets.

In London, gold quoted high at US dollar 594.00/595.00 per troy ounce against USD 580.00/589.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,435 (18,105) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,935 (8,880) Pure gold 99.9 purity : Rs 8,985 (8,930).

UNI VD GB AW1818