Silver 7-wk high, gold rises on bullish global advice

Mumbai, Oct 30 (UNI) Spot silver edged up seven-week high while gold rose on bullish global advice, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened seven-week high at Rs 18,703 per kg on improved demand. Later, it gained smartly and closed at Rs 18,733 per kg with a gain of Rs 92 from its Saturday's close.

There were increase of offers by stockists in view of better advice from the overseas markets.

At London, the white metal quoted high at USD 12.12/12.18 per troy ounce against USD 12.00/12.06 per troy ounce at New York.

Similarly, standard gold (99.5) and pure gold (99.9) also opened upwards at Rs 8,858 and Rs 8,908 per ten gm, respectively.

Both the yellow metals moved up and closed high at Rs 8,860 and Rs 8,910 per ten gm with a gain of Rs 34 for standard gold and Rs 33 for pure gold from its last close.

There was reduced stock supply from ornament-makers in view of encouraging advice from the global centres.

At London, the yellow metal touched high at USD 603/604 per troy ounce compared to USD 595/599 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 18,733 (18,641) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,860 (8,826) Pure gold 99.9 purity : Rs 8,910 (8,877).

UNI VD MJ AW1805