Silver, gold touch two-week highs

Mumbai, Oct 14 (UNI) Spot silver and gold edged to a two-week high 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 shot up and closed at a two-week high of Rs 18,421 per kg with a massive gain of Rs 306 from its yesterday's close.

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

In London, silver was quoted high at USD 11.60/11.63 per troy ounce as compared to its last close of USD 11.40/11.50 per troy ounce in New York on Friday.

Similarly, standard gold (99.5) and pure gold (99.9) opened upwards at Rs 8,735 and Rs 8,785 per ten gm respectively.

Both the yellow metals also shot up and closed at two-week highs of Rs 8,745 and Rs 8,800 per ten gm with a huge gain of Rs 145 for standard gold and Rs 150 for pure gold from their last close.

There was fresh buying support by stockists from local market in view of Diwali festival and encouraging advice from the global centres.

In London, gold was quoted high at US dollar 585.00/590.00 per troy ounce against USD 580.50/585.00 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,421 (18,115) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,745 (8,600) Pure gold 99.9 purity : Rs 8,800 (8,650).

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