Silver advances, gold edges up on global cues

Mumbai: Silver prices firmed up further at the bullion market here on Saturday following sustained buying by speculators, robust industrial demand and firmness in global markets.

Gold also edged up on stray local buying.

In the global market, precious metals advanced due to uncertainty about Libyan cease-fire.

In the domestic market, Silver ready (.999 fineness) shot up by Rs 330 per kg to finish at Rs 53,860 from overnight closing level of Rs 53,530.

Standard gold (99.5 purity) moved up by Rs 5 to close at Rs 20,790 per 10 grams from Friday`s closing level of Rs 20,785.

Pure gold (99.9 purity) also looked up by a similar margin to end at Rs 20,890 per 10 grams as compared to Rs 20,885 previously.

In New York, gold for April delivery was up by USD 11.90 to end at USD 1,416.10 an ounce on the Comex division of the NYMEX yesterday.

Silver for May delivery added 80 cents to USD 35.06 an ounce.