Precious metals up on bullish advice

Mumbai, Sep 1: Both the precious metals today edged up as silver rose by Rs 85 per kg and gold by Rs 40 per ten gm on buying support from ornament makers in view of bullish advice from global and upcountry centres, traders at the Bombay Bullion Exchange said.

Silver (fineness) .999 opened high at Rs 16,995 per kg on good demand. Later it slightly improved and closed at Rs 17,000 with a gain of Rs 85 per kg from its yesterday's close.

In London silver improved to USD 12.10/12.12 per troy ounce against USD 12.08/12.10 per ounce in New York.

Similarly, standard gold (99.5) and pure gold (99.9) also opened high at Rs 8,945 and Rs 8,995 per ten gm respectively on fresh buying support by local dealers .

Later, standard mint and pure gold remained steady and closed at the same level gaining Rs 40 per ten gm each, owing to lesser stock supply from its yesterday's close.

In London, gold was up USD 673.00/675.25 per troy ounce as comapared to USD 672.25/674.50 per troy ounce in New York on Friday.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 17,000 (16,915) Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,945 (8,905) Pure gold 99.9 purity : Rs 8,995 (8,955). UNI