Silver, Gold prises on the upswing

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Mumbai, Nov 23 (UNI) The precious metals rallied for the third consecutive day today with Silver notching a gain of Rs 140 per ten kg and Gold moving up by Rs 115 per ten gm on encouraging advice from international markets, traders at the Bombay Bullion Association said.

Silver (.999 fineness) crossed the Rs 19,500 mark and opened higher at Rs 19,520 on lack of offers from stockists and lesser ready stocks.

Later, the white metal further rallied and closed positive at Rs 19,505 per kg with a gain of Rs 140 from its previous close. The white metal has shot up by Rs 350 in last three days.

There was sustained demand from industrial users in view of encouraging advice from global markets.

In New York, London and other markets, the white metal was quoted higher at USD 14.52/14.58 per troy ounce against USD 14.43/14.50 per troy ounce the previous day, traders added.

Similarly, price of standard mint gold (99.5 purity) and pure gold (99.9 purity) opened higher at Rs 10,360 per ten gm and Rs 10,410 per ten gm respectively on reduced selling pressure by stockists.

Later, both the prices closed firm at Rs 10,380 per ten gm for standard mint gold and for pure gold at Rs 10,430 per ten gm.

Both the prices rose smartly by Rs 115 each from their last close. Yellow metal spurted up sharply by Rs 320 in the last three days.

In London, New York and Asian markets, gold today was quoted higher at USD 806.50/809.00 per troy ounce as compared to USD 801.50/803.00 per troy ounce the previous day, which helped the boost trend in the domestic prices, traders said.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade Rs 19,505 (19,365) Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,380 (10,265) Pure gold 99.9 purity: Rs 10,430 (10,315) UNI AR OBB SKB1838

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