Silver, gold shines on increase in fresh demand

Mumbai, Oct 22 (UNI) Prices of spot silver and gold rose on increase in fresh demand and bullish global advice on the first trading day of the Hindu calendar Vikram Samvat year 2063 during the week ended October 21, traders at the Bullion market said here .

Silver .999 fineness grade opened low on Monday at Rs 18,417 per kg on poor demand from domestic industrial users.

The white metal recorded a four-week high of Rs 18,722 on October 20 and a low of Rs 18,468 per kg on October 19, before finally closing at Rs 18,540 per kg during the week-end with a huge gain of Rs 119 from its previous week-end close following better buying support from industrial users and ornament makers, traders said.

In global markets, silver shot up at USD 11.90/11.92 per troy ounce on week ended on Friday compared to the previous week-end close of USD 11.60/11.63 per troy ounce.

Similarly, standard mint gold (99.5) opened high on Monday at Rs 8,772 per ten gm on lesser stock supply. While pure gold (99.9) also opened high at Rs 8,823 per ten gm on improved demand from ornament makers.

Both the yellow metal rose three-week high and closed at Rs 8,770 for standard mint and Rs 8,822 for pure gold on October 20 with a gain of Rs 25 for standard gold and Rs 22 for pure gold from its previous week's close.

Standard mint gold recorded a high of Rs 8,8425 on October 20 and a low of Rs 8,708 on October 19. Likewise, pure gold registered a high of Rs 8,895 on October 20 and a low of Rs 8,762 on Octoebr 19 per 10 gms.

Meanwhile, in London, gold also rose to USD 590.00/592.00 per troy ounce during the week ended October 20 against the previous week's close of USD 580.50/590.00, traders added.

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