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Silver, gold glitters on bullish global advice

Written by: Staff

Mumbai, Oct 29 (UNI) Prices of spot silver and gold rose on increase in fresh demand and bullish global advice during the week ended October 21, traders at the Bullion market said here.

Silver .999 fineness grade opened low on Wednesday as Monday and Tuesday the bullion market remained closed for Diwali festival at Rs 18,284 per kg on poor demand from domestic industrial users.

The white metal recorded a high of Rs 18,641 on October 28 and a low of Rs 18,284 per kg on October 25, before finally closing at Rs 18,641 per kg during the week-end with a gain of Rs 101 from its previous week-end close following better buying support from industrial users and ornament makers, traders said.

In global markets, silver also went up to USD 12.00/12.06 per troy ounce on week ended on Friday compared to the previous week-end close of USD 11.90/11.92 per troy ounce.

Similarly, standard mint gold (99.5) opened weak on Wednesday at Rs 8,637 per ten gm on sustained heavy selling pressure. While pure gold (99.9) also opened low at Rs 8,685 per ten gm on poor demand from ornament makers.

Both the yellow metal rose high and closed at Rs 8,826 for standard mint and Rs 8,877 for pure gold on October 28 with a gain of Rs 56 for standard gold and Rs 55 for pure gold from its previous week's close.

Standard mint gold recorded a high of Rs 8,826 on October 28 and a low of Rs 8,637 on October 25. Likewise, pure gold registered a high of Rs 8,826 on October 26 and a low of Rs 8,877 on Octoebr 25 per 10 gms.

Meanwhile, in London, gold also rose to USD 595.00/599.00 per troy ounce during the week ended October 27 against the previous week's close of USD 590.50/592.00, traders added.


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