Pure gold closes at two-year high of Rs 9,700 per ten gm

Mumbai, Oct 15 (UNI) Spot pure gold today closed at a two-year high at Rs 9,700 per ten gm with a massive gain of Rs 75 from its last close while silver ended high at Rs 18,535 per kg with a big gain of Rs 195 on lack of offers from local dealers, induced by firm advice from global and upcountry markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) variety opened high by Rs 90 at 18,430 per kg on improved demand.

Later, the white metal further rallied and closed positive at Rs 18,535 with big gain of Rs 195 per kg from its previous close. The white metal zoomed up by Rs 680 per kg in the last five days.

There was brisk demand from industrial users in view of bullish global and upcountry advice.

In New York, London and other markets, the white metal touched a high of around 13.93/13.98 US dollars per troy ounce against USD 13.83/13.87 per troy ounce, the previous day.

Standard gold (99.5 purity) and pure gold (99.9 purity) varieties opened high at Rs 9,620 for standard gold and Rs 9,670 for pure gold with a gain of Rs 45 each from their last close.

Later, pure gold closed at a two-year high at Rs 9,700 per ten gm. Similarly, standard mint gold ended at 9,650 per ten gm with a massive gain of Rs 75 each from its last close.

The yellow metal shot up by Rs 305 in last five days. Traders said there was some good seasonal demand mainly from jewellers. Sellers were holding their stocks in view of bullish advice from global markets.

In London, New York and Asian markets, gold was up at USD 751.25/757.00 per troy ounce, compared to USD 745.50/750.00 on the previous day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,535 (18,340) Gold (per 10 gm): Standard mint 99.5 purity: Rs 9,650 (9,575) Pure gold 99.9 purity: Rs 9,700 (9,625) UNI