Silver, gold firm on strong global advice

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Mumbai, Feb 8: Both the precious metals continued their upward march with silver rising by Rs 265 per kg on strong global advice while gold advanced by Rs 80 per ten gm, traders at Bombay Bullion Association (BBA) said after the close of today's session.

Silver .999 fineness resumed upward at Rs 21,320 per kg on good demand from local dealers. Later, it ended with a gain of Rs 265 from its last close to settle at Rs 21,370. In the last two days, silver has moved up by Rs 365.Gold had closed at Rs 11,405 on Ferbruary 5, and since then has surged ahead. During the last three days, gold has inched up by Rs 305 per ten gm. Standard gold 99.9 variety resumed high at Rs 11,650 per ten gm while pure gold (99.5 purity) opened firm at Rs 11,710 per ten gm. Later, standard gold and pure gold closed at at Rs 11,710 and Rs 11,760 per ten gm respectively.

Standard gold soared by Rs 80 while pure gold by Rs 75 from their previous close.

In the London and Asian markets, silver was quoted higher at around 16.75/16.77 per troy ounce compared to the last close of 16.58/16.60 per troy ounce, while gold edged up at around USD 910.50/912.10 per troy ounce against 903.50/906.10 per troy ounce, which helped boost the domestic prices, a leading dealer said.

Following are spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 21,370 (21,105) Gold (per 10 gm) Standard mint 99.5 purity: Rs 11,710 (11,630) Pure gold 99.9 purity: Rs 11,760 (11,685).


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