Gold, Silver close higher

Mumbai, Oct 18 (UNI) Both the precious metals surged ahead with Silver shooting up today by Rs 80 per kg and Gold Rs 30 per ten gm on sustained brisk demand from ornament makers along with bullish advice from global and upcountry markets, traders at the Bombay Bullion Associaton (BBA) said.

Silver (.999 fineness) variety opened higher by Rs 60 at 18,415 per kg from it last close on scattered demand from local dealers.

Later, the white metal rallied further and closed positive at Rs 18,435 with a big gain of Rs 80 per kg from its previous close.

There was lack of offers from stockists in view of bullish global and upcountry advice.

In New York, London and other markets, the white metal touched a high of around USD 13.73/13.76 per troy ounce against USD 13.68/13.71 per troy ounce on the previous day, which reflected a an upward trend in the domestic prices, traders pointed out.

Values of Standard gold (99.5 purity) and pure gold (99.9 purity) grades, however, opened lower at Rs 9,735 with a modest loss of Rs 15 each from their last close.

Later, standard mint gold and pure gold grades closed at a high at 9,780 per ten gm and Rs 9,830 per ten gm, with a modest gain of Rs 30 each from their last close.

Traders said'' There was 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 760.25/762.00 per troy ounce compared to USD 755.25/758.00 on the previous day, which helped to boost in domestic prices, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 18,435 (18,355) Gold (per 10 gm): Standard mint 99.5 purity: Rs 9,780 (9,750) Pure gold 99.9 purity: Rs 9,830 (9,800) UNI