Silver, Gold close up on firm advice

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Mumbai, Oct 11: Both the precious metals surged ahead with Silver rising by Rs 25 per kg and Gold by Rs 45 per ten gm on sustained seasonal ornament makers demand along with bullish advice from global markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) variety however, opened lower by Rs ten to Rs 18,125 per kg on increase in offers by stockists.

Later, the white metal recovered and closed firm at Rs 18,160 with a modest gain of Rs 25 per kg from its previous close. The white metal zoomed up by Rs 305 per kg in last two days.

Sellers were holding their stocks in view of bullish global and upcountry advice. Industrial demand was more compared to lesser ready stocks.

In New York and London markets, the white metal touched a high of around 13.66/13.70 US Dollars per troy ounce against USD 13.45/13.55 per troy ounce, the previous day.

Standard gold (99.5 purity) and pure gold (99.9 purity) varieties resumed higher at Rs 9,495 and Rs 9,545 per ten gm on fresh buying support from ornament makers.

Later, the yellow metal prices rallied again and closed further positive at Rs 9,525 for standard mint gold and pure gold at Rs 9,575 per ten gm with a gain of Rs 45 each from their last close.

The yellow metal has soared up by Rs 180 per ten gm within last two sessions.

There was lack of offers by stockists in view of forthcoming Dussera festival. Sellers were not disposing their stocks because of bullish trend in the international markets.

In London, Gold was firm at around 746.50/748.00 per troy ounce, compared to USD 736.25/739.50 on the previous day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,160 (18,135) Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,525 (9,480) Pure gold 99.9 purity : Rs 9,575 (9,530).


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