Silver, gold end high on muharat trading

Mumbai, Oct 28: Precious metals recovered in the muharat trading held on the auspicious occasion of Vikram Samvat 2065, with silver rising by Rs 95 per kg to settle at Rs 17,370 and gold by Rs 245 per ten gm to end positive at Rs 12,100, on festival demand by industrial and ornament users in view of bullish trends in global markets, traders at the Bombay Bullion Association said.

The white metal, induced by encouraging advices from upcountry and global markets, improved by Rs 95 to close at Rs 17,370 from its previous finish of Rs 17,275 on improved demand by industrial users. Sellers reserved their stocks as the prices are likely to rise further in the coming days. Standard gold and pure gold also surged by Rs 245 and Rs 235 per ten gm respectively.

Finally, standard and pure gold rested at Rs 12,100 and Rs 12,160 per ten gm respectively on brisk buying support by stockists.

Both the precious metals soared as there was good demand from customers today on the occasion of 'Lakshmi Poojan', an auspicious day. On this day, people buy the the yellow metal as per tradition irrespective of its cost.

Harmesh Arora, vice president of Bombay Bullion Association (BBA), said on the occasion of 'muharat' trading, there was wide fluctuation in the precious metals. However, investors preferred to invest in the yellow metal as a safe heaven after the Sensex of Bombay Stock Exchange continued its slide.

In Asian markets, gold and silver prices were quoted high at USD 732.00 to 732.50 per troy ounce and USD 9.40 to 9.41 per troy ounce respectively.

Both the precious metals glittered as the euro bounced against the dollar, but weak equity markets and falling oil prices could limit further gains, traders pointed out.

There will be no trading for next two days, beginning from Oct 29, on account of Diwali festival.

Trading in bullion will be reopened on October 31, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 17,370 (17,275) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,100 (11,855) Pure gold 99.9 purity: Rs 12,160 (11,925).

UNI