Silver, gold eight-week high on increased demand

Mumbai, Nov 3 (UNI) Spot silver and gold rose to a eight-week high of Rs 19,075 and Rs 9,129 on increase of fresh demand and bullish global advices, traders at the Bombay Bullion Association today said.

Spot silver .999 fineness variety opened high at Rs 18,947 per kg on good demand. Later, it crossed Rs 19,000-mark and closed eight-week high at Rs 19,075 per kg with a gain of Rs 128 from its yesterday's close.

There was reduced stocks supply by stockists in view of good advice from the international markets.

At London, the white metal was quoted high at USD 12.56/12.65 per troy ounce against USD 12.40/12.42 per troy ounce in New York.

Similarly, standard gold (99.5) and pure gold (99.9) also opened high at Rs 9,088 and Rs 9,137 per ten gm respectively.

Both the yellow metals rose smartly and closed eight-week high at Rs 9,129 and Rs 9,182 per ten gm, with a gain of Rs 122 for standard gold and Rs 123 for pure gold from its last close.

There was better buying support from ornament-makers in view of encouraging advice from the global centres.

At London, the yellow metal was also high at USD 623/627 per troy ounce as compared to USD 616/617 per troy ounce at New York on Thursday.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 19,075 (18,859) Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,129 (9,007) Pure gold 99.9 purity : Rs 9,182 (9,059).

UNI VD SSS AW1842