Silver steady, gold inches up

Mumbai, Oct 21: Silver remained steady on moderate demand while gold rallied to 17-month high soaring by Rs 290 per ten gm on festive demand during the week ended October 20 on the Bombay Bullion Exchange.

Silver (.999) fineness grade opened high on Monday last at Rs 18,430 per kg owing to good demand from retailers.

The white metal recorded a high of Rs 18,570 on October 19 and a low of Rs 18,340 on October 20 and closed at Rs 18,340 per kg at the same level from its last weekend closed, traders said.

In the global market, silver also closed high at USD 13.87/13.89 per troy ounce during the week ended October 19 as compared to the previous weekend close of USD 13.83/13.86 per troy ounce.

Similarly, standard mint gold (99.5 fineness) also opened high Monday last at Rs 9,620 per ten gm followed by pure gold (99.9 fineness) at Rs 9,670 per ten gm on better buying support from ornament makers.

The yellow metal registered a high of Rs 9,915 on October 19 and Rs 9,965 for pure gold on the same day.

Standard mint gold recorded a low of Rs 9,650 on October 15.

Likewise, pure gold also registered a low of Rs 9,700 per ten gm on the same day.

Finally, standard gold and pure gold closed at Rs 9,865 and Rs 9,915 with a gain of Rs 290 each from their last week's close.

Meanwhile, in London, gold was USD 763.50/768.00 per troy ounce during the week ended October 19 as compared to the previous week's close of USD 745.50/747.00, traders added.

UNI