Precious metals recover on strong overseas advices

Mumbai, May 29 (UNI) Precious metals recovered today on fresh buying support and bullish global advices as Silver rose by Rs 65 per kg and Gold by Rs 20 per ten gm on the Bombay Bullion Association.

Silver fineness .999 opened lower at Rs 18,040 but inched up and closed at Rs 18,110 gaining Rs 65 from yesterday's close.

In London, silver advanced to USD 12.98/13.03 per troy ounce against USD 12.94/12.96 per troy ounce in New York.

However, standard gold (99.5) and pure gold (99.9) opened downward at Rs 8,630 and Rs 8,685 per ten gm respectively on sustained heavy selling pressure.

Later, standard Gold and pure Gold became stronger and closed at Rs 8,670 and Rs 8,720 respectively gaining Rs 20 each from its yesterday's close.

In London, gold moved up to USD 656.00/658.00 per troy ounce as compared to USD 654.00/656.50 per troy ounce in New York on Monday.

Trading in Bullion market will be closed tomorrow to press for better security from rising instances of violence against jewellers in the state.

The 24 hour bandh has been called by Maharashtra Rajya Saraf Mahamandal (MRSM) and backed by All India gems and Jewellery trade federation, a spokesperson of MRSM said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,110 (18,045) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,670 (8,650) Pure gold 99.9 purity : Rs 8,720 (8,700) UNI