Silver, Gold move upwards

Mumbai, Aug 2 (UNI) Both the precious metals today surged ahead with Silver up by Rs 165 per kg and Gold by Rs 50 per ten gms on fresh ornament makers demand in view of bullish advice from global and upcountry markets, traders at the Bombay Bullion Association said.

Silver (fineness) variety resumed higher at Rs 17,830 per kg on improved buying support by local dealers. Later, it rallied further and closed in the green belt at Rs 17,865 per kg. with a major gain of Rs 165 from its last close on sustained heavy buying support by local dealers. Buyers reserved their stocks in view of firm advice from global and upcountry markets.

In London, silver was down at USD 13.02/13.04 per troy ounce as compared to its last close of USD 12.80/12.82.

Similarly, spot standard gold (99.5) and pure gold (99.9) opened positive at Rs 8,740 and Rs 8,785 per ten gm respectively on scattered buying support from local dealers.

Later, standard gold and pure gold closed higher at Rs 8,750 and Rs 8,800 per ten gm respectively. Both the prices rose by Rs 50 each from their previous day's close.

There was brisk ornament makers demand due to encouraging advice from London and New York markets.

In the London market, gold was positive at US dollar 672.50/674.50 per troy ounce against USD 660/662 per troy ounce, which helped its upward trend in domestic prices, traders pointed out.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,865 (17,700) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,750 (8,700) Pure gold 99.9 purity : Rs 8,800 (8,750) UNI