Precious metal shines on bullish overseas market

Mumbai, Nov 5: Prices of spot silver gained by Rs 397 per kg, while gold gained by Rs 329 per ten gm on reduced stock supply and bullish overseas market during the week ended November four, traders at the Bullion market said here.

Silver crossed Rs 19,000-mark on November three and gold also crossed Rs 9,000-mark on November two respectively.

Silver .999 fineness grade opened high on Monday at Rs 18,703 per kg on good demand from domestic industrial users.

The white metal recorded a high of Rs 19,039 on November four and a low of Rs 18,581 per kg on October 31, before finally closing at Rs 19,038 per kg during the week-end with a massive gain of Rs 397 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 12.60/12.62 per troy ounce on week ended on Friday compared to the previous week-end close of USD 12.00/12.06 per troy ounce.

Similarly, standard mint gold (99.5) opened high on Monday at Rs 8,858 per ten gm on lesser stock supply. While pure gold (99.9) also opened upwards at Rs 8,908 per ten gm on good demand from ornament makers.

Both the yellow metal rose high and closed at Rs 9,153 for standard mint and Rs 9,206 for pure gold on November four with a gain of Rs 327 for standard gold and Rs 329 for pure gold from its previous week's close.

Standard mint gold recorded a high of Rs 9,153 on November four and a low of Rs 8,805 on October 31. Likewise, pure gold registered a high of Rs 9,206 on November four and a low of Rs 8,857 on Octoebr 31 per 10 gms.

Meanwhile, in London, gold also rose to USD 620/628.00 per troy ounce during the week ended November three against the previous week's close of USD 595.50/599.00, traders added.

UNI