Pure gold closes at 18-month high of Rs 9,765 per ten gm

Mumbai, Oct 16 (UNI) Spot pure gold today closed at an 18-month high of Rs 9,765 per ten gm with a big gain of Rs 65 from its last close on reduced offers from stockists and firm advice from global and upcountry markets, traders at the Bombay Bullion Associaton (BBA) said.

Silver ended low at Rs 18,470 per kg with a major loss of Rs 65 on lack of fresh industrial users demand, induced by weak advice from global markets, traders added.

Silver (.999 fineness) variety opened low by Rs 15 at 18,520 per kg on thin demand from local dealers.

Later, the white metal further eased and closed negative at Rs 18,470 with major loss of Rs 65 per kg from its previous close.

There was an increase in offers from stockists in view of bearish global and upcountry advice.

In New York, London and other markets, the white metal touched a low of around USD 13.58/13.62 per troy ounce against USD 13.90/13.96 per troy ounce on the previous day, which reflected a downward trend in the domestic prices, traders pointed out.

Standard gold (99.5 purity) and pure gold (99.9 purity) varieties opened high at Rs 9,745 for standard gold and Rs 9,790 for pure gold with a gain of Rs 65 each from their last close.

Later, standard mint gold ended at 9,715 per ten gm and pure gold closed at an 18-month high of Rs 9,765 per ten gm, with a massive gain of Rs 65 each from their last close.

The yellow metal shot up by Rs 370 in the last six days.

Traders attributed the bullish trend on brisk 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 748.25/751.00 on the previous day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,470 (18,535) Gold (per 10 gm): Standard mint 99.5 purity: Rs 9,715 (9,650) Pure gold 99.9 purity: Rs 9,765 (9,700) UNI