Precious metals shoot up on bullish advices

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Mumbai, Oct 28: Spot silver inched up by Rs 635 per kg and gold by Rs 175 per ten gm on bullish global advices during the week ended October 27 on the Bombay Stock Exchange.

Silver .999 fineness grade opened low on Monday last at Rs 18,255 per kg owing to sustain heavy selling pressure. The white metal recorded a high of Rs 18,975 on Oct 27 and a low of Rs 18,220 per kg on Oct 22 and closed at Rs 18,975 with a massive gain of Rs 635 from its last weekend close, traders said.

In the global market, silver closed high at USD 14.03/14.06 per troy ounce during the week ended Oct 26 as comapared to the previous weekend close of USD 13.45/13.48 per troy ounce.

There was reduced offers by stockists in view of bullish advices from global markets and lesser arrival of stocks at the domestic centres, traders informed.

Similarly, standard mint gold (99.5 fineness) also opened weak on Monday last at Rs 9,835 per ten gm followed by pure gold (99.9 fineness) at Rs 9,885 per ten gm because of thin buying support from ornament makers.

The yellow metal registered a high of Rs 10,040 on Oct 27 for standard gold and Rs 10,085 for pure gold on the same day.

Standard gold recorded a low of Rs 9,720 per ten gm on Oct 24.

Likewise, pure gold gold also registered a low of Rs 9,775 per ten gm on the same day.

Finally, standarad gold closed at Rs 10,040 with huge gain of Rs 175 per ten gm and pure gold closed at Rs 10,085 gaining of Rs 170 per ten gm on from their last week close.

There was brisk fresh demand from ornament-makers because of forthcoming Diwali festival. Sellers were holding their stocks in view of bullish advices from global markets.

Meanwhile, in London, gold was USD 769.25/771.00 per troy ounce during the last week ended Oct 26 as comapred to the previous week's close of USD 763.00/763.80, traders added.


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