Silver, gold up by 2-1/2 week on bullish global advice

Mumbai, Sep 28: Spot silver and gold rose to a 2-1/2 week high as silver shot up by Rs 240 per kg and gold by Rs 120 per ten gm on increase of fresh demand and on bullish advice from global market, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened high at Rs 18,590 per kg on better buying support. It shot up in mid-session on heavy festival demand and closed at 2-1/2 week high at Rs 18,675 per kg with a massive gain of Rs 240 from yesterday's close.

There was reduced stock supply from industrial users in view of bullish advice from overseas market.

In London, silver was quoted high at USD 11.65/11.70 per troy ounce, compared to its last close of USD 11.55/11.60 per troy ounce in New York on Wednesday.

Similarly, standard gold (99.5) and pure gold (99.9) opened upwards crossing Rs 9,000-mark at Rs 9,025 and Rs 9,075 per ten gm, respectively, on increase of fresh demand.

Both the yellow metals closed 2-1/2 week high at Rs 9,045 and at Rs 9,105 per 10 gm with a huge gain of Rs 110 for standard gold and Rs 120 for pure gold respectively from their last close.

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

In London, gold quoted high at US dollar 601.00/604.00 per troy ounce against USD 590.00/595.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,675 (18,435) Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,045 (8,935) Pure gold 99.9 purity : Rs 9,105 (8,985).

UNI