Gold, Silver recover on firm advice from intl markets

Mumbai, Aug 8: Precious metals Gold and Silver today recovered smartly on bullish global advice with Silver staying firm by Rs 145 per kg and Gold by Rs 55 per ten gm, traders at the Bombay Bullion Association said.

Silver (fineness) .999 variety opened positive at Rs 18,055 per kg on fresh industrial users demand. Later, it closed again in the green at Rs 18,055 per kg with major gain of Rs 145 from its previous close of Rs 17,910.

In London, Silver was high at USD 13.10/13.12 per troy ounce as compared to its last close of USD 12.96/12.98.

Similary, spot standard Gold (99.5) and pure Gold (99.9) opened higher at Rs 8,850 and Rs 8,900 per ten gm respectively on scattered buying support by local dealers.

Later, both the metals rallied further to close firm at Rs 8,855 for standard mint and for pure Gold at Rs 8,905 per ten gm with a smart gain of Rs 55 each from its last close.

Traders attributed to upward trend on fresh ornament makers demand in view of forthcoming festival seasons along with bullish advice from global and upcountry markets.

In the overseas market, Gold was up at USD 673.25/675.50 per troy ounce against USD 668.25/669.50 in last finish.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,055 (17,910) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,855 (8,800) Pure gold 99.9 purity : Rs 8,905 (8,850).

UNI