Gold, silver zoom

MUMBAI, Dec 19: Precious metals flared up on the bullion market due to increased local offtake and poor arrivals through imports. Silver prices rose by a whopping Rs 105 per kilo owing to acute shortage of stocks caused by stringent arrivals coupled with currency crunch on account of a sharp rise in the short term money market interest rates. Silver ready .999 fineness rose to Rs 8320 from Rs 8215. Raw silver .916 fineness shot up to Rs 8220 from Rs 8115. Tenderable silver flared up to Rs 8325 from the previous close of Rs 8220.

The yellow metal also gained sharply on account of stockists reserved while seasonal demand had picked up. Bullish overseas advices aided the firm trend. Standard gold hardened by Rs 40 to Rs 4015. 22-carat gold was nominally quoted higher at Rs 3715 from Rs 3675.