Silver edged up 4-wk, gold by 3-wk high on bullish global advice

Mumbai, Oct 20 (UNI) Spot silver edged up four-week high along with gold at three-week high on increased of festival ornament users demand and bullish global advice, on the last trading day of hindu calendar Vikram Samvat year 2062, traders at the bullion traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened high at Rs 18,714 per kg on good demand. Later it closed at four-week high at Rs 18,722 per kg with a massive gain of Rs 254 from its yesterday's close.

There was reduced stock supply by stockists in view of better advice from the overseas market.

In London, silver was quoted high at USD 11.90/12.00 per troy ounce as compared to its last close of USD 11.50/11.60 per troy ounce in New York on Thursday.

Similarly, standard gold (99.5) and pure gold (99.9) also opened upwards at Rs 8,874 and Rs 8,924 per ten gm, respectively.

Both the yellow metals closed three-week high at Rs 8,842 and Rs 8,895 per ten gm with a huge gain of Rs 134 for standard gold and Rs 133 for pure gold from their last close.

There was increase of fresh demand from ornament makers in view of encouraging advice from the global centres.

In London, gold was quoted high at US dollar 590.00/599.00 per troy ounce against USD 585.50/590.00 per troy ounce at New York.

Moorat trading in bullion market will take place tomorrow at 1300 hrs. for the hindu calendar vikram samvat year 2063, traders added, Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,722 (18,468) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,842 (8,708) Pure gold 99.9 purity : Rs 8,895 (8,762).

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