Silver and Gold shoot up on bullish global advices

Mumbai, Dec 3: Silver shot up by Rs 890 per kg and Gold rose by Rs 75 per ten gm on lesser stock supply and bullish global advices during the week ended December two at the Bombay Bullion Exchange.

Silver .999 fineness grade opened high on Monday at Rs 19,845 per kg on better buying support from domestic industrial users.

The white metal recorded a six-and-a-half month high of Rs 20,635 on December two and a low of Rs 19,820 per kg on November 28, before finally closing at Rs 20,615 per kg during the weekend with a massive gain of Rs 890 from its previous week-end close, on increase of lesser stock supply from industrial users and ornament makers, traders said.

The trend was also marked in global markets as Silver rose to USD 14.00/14.05 per troy ounce during the week ended on Friday compared to the previous week-end close of USD 13.40/13.45 per troy ounce.

Similarly, standard mint Gold (99.5 fineness) opened high on Monday at Rs 9,295 per ten gm on good demand while pure Gold (99.9 fineness) also opened upwards at Rs 9,345 per ten gm on improved demand from ornament makers.

The yellow metal rose and closed at three-month high at Rs 9,350 for standard mint and Rs 9,400 for pure Gold on December two with a gain of Rs 70 for standard Gold and Rs 75 for prue Gold from its last week's close.

Standard mint Gold recorded a high of Rs 9,355 on December two and a low of Rs 9,265 on November 28. Likewise, pure Gold registered a high of Rs 9,405 on December two and a low of Rs 9,310 on November 28 per 10 gms.

Meanwhile, in London, Gold went up at USD 640/645.00 per troy ounce during the week ended December one against the previous week's close of USD 635.50/638.00, traders added.

UNI