Gold, silver surge upwards during the week

Mumbai, Jan 21: Gold and silver were on the upswing on bullish global advice with the white metal shooting up by Rs 140 per kg and gold by Rs 95 per ten gm during the week ended January 20 on the Bombay Bullion Exchange.

Silver .999 fineness grade opened lower on Monday at Rs 19,405 per kg on lack of fresh demand from domestic industrial users. The white metal recorded a high of Rs 19,405 on January 15 and low of Rs 19,105 per kg on January 17 and closed at Rs 19,400 per kg with a gain of Rs 140 from its last weekend close, traders said.

In the global markets, silver closed upwards at USD 12.83/12.87 per troy ounce during the week ended Friday last as compared to the previous weekend close of USD 12.43/12.45 per troy ounce.

Similarly, standard mint gold (99.5 fineness) opened slightly lower on Monday at Rs 9,020 per ten gm followed by pure gold (99.9 fineness) at Rs 9,070 per ten gm on sluggish demand from ornament makers.

The yellow metal registered a high of Rs 9,145 on January 20 for standard mint and Rs 9,195 for pure gold on the same day.

Standard mint gold recorded a low of Rs 8,970 per ten gm on January 17. Likewise, pure Gold also registered a low of Rs 9,020 per ten gm on the same day. Finally, both the yellow metals closed quite high at Rs 9,145 for standard gold and Rs 9,195 for pure gold with a huge gain of Rs 95 each from their last week close.

Meanwhile, in London, gold was USD 624/627.00 per troy ounce during the week ended January 19 as compared to the previous week's close of USD 623.50/624.00, traders added.

UNI