Silver, Gold up on bullish advice

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Mumbai, Nov 11: Silver and Gold were on the upswing following strong global advice with Silver rising by Rs 696 per kg and standard Gold by Rs 321 per ten gm during the week ended November 10 on the Bombay Bullion Exchange (BBA).

Pure Gold zoomed to an all time high of Rs 10,735 per ten gm with a rise of Rs 275 even as Silver closed at a year's high of Rs 20,740 per kg, gaining a whopping Rs 1055 on November 7 on selling pressure by stock-holders and bullish advice from global markets, traders at the Bombay Bullion Association (BBA) said.

Silver .999 fineness grade opened downward on Monday last at Rs 19,380 per kg owing to lack of fresh demand from domestic industrial users. The white metal recorded a high of Rs 20,740 on November 7 and a low of of Rs 19,355 per kg on Novermber 5 and closed at Rs 20,121 with a huge gain of Rs 696 from its last weekend close, traders said.

In the global market, silver closed at USD 15.60/15.65 per troy ounce during the week ended November 9 as compared to the previous weekend close of USD 14.25/14.30 per troy ounce.

Similarly, standard mint gold (99.5 fineness) opened slightly eased on Monday last at Rs 10,240 per ten gm followed by pure gold (99.9 fineness) at Rs 10,295 per ten gm on thin buying support from ornament makers.

The yellow metal registered a high of Rs 10,685 on Novermber 7 for standard gold and Rs 10,735 for pure gold on the same day.

Standard gold recorded a low of Rs 10,230 on November 5.

Likewise, pure gold also registered a low of Rs 10,280 per ten gm on the same day.

Finally, standard gold and pure gold closed at Rs 10,611 and Rs 10,641 gaining by Rs 321 and Rs 301 per ten gm respectively from their last week close.

Meanwhile, in London, gold was USD 835.50/834.00 per troy ounce during the week ended Novermber 9 as compared to the previous week's close of USD 792.50/794.00, traders added.


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