Pure Gold closes at all-time high at Rs 10,735 per ten gm

Mumbai, Nov 7 (UNI) Pure Gold today zoomed to an all time record-breaking high of Rs 10,735 per ten gm with a rise of Rs 275 even as Silver closed at a year's high of Rs 20,740 per kg, gaining a whopping Rs 1055, on selling pressure by stock-holders and bullish advice from global markets, traders at the Bombay Bullion Association (BBA) said.

Prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) varieties were quoted above Rs 10,600 mark and resumed higher at Rs 10,620 and Rs 10,670 per ten gms respectively on reduced offers by stockists in view of the approaching Diwali festival.

Later, both the prices closed at an all time peak at Rs 10,685 for standard mint gold and for pure gold at Rs 10,735 per ten gm, the biggest rise since the country's independence.

Both the prices rose smartly by Rs 275 per ten gm each from their last close. The yellow metal soared up sharply by Rs 455 in the last two days.

Traders said ''The Foreign investors and local fund operators turned to invest in the yellow metal, leading to boost in domestic prices.

In London, New York and Asian markets, gold today touched 28 year's high at USD 842.50/840.00 per troy ounce as compared to USD 820.50/825.00 per troy ounce the previous day, which reflected the upward trend in the domestic prices, traders said.

Silver (.999 fineness) variety was quoted above the Rs 20,000 mark and opened positive at Rs 20,685 per kg on improved industrial user's demand.

Later, the white metal closed at a year's high at Rs 20,740 with a major gain of Rs 1,055 per kg from its previous close.

Traders said there was reduced selling pressure by stockists in view of lesser arrival of stocks from upcountry centres and bullish advice from global markets. However, local demand was moderate from dealers.

In New York, London and other markets, the white metal touched a new peak at USD 15.80/15.85 per troy ounce against USD 15.25/15.35 per troy ounce, the previous day, traders added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade : Rs 20,740 (19,685), Gold (per 10 gm): Standard mint 99.5 purity: Rs 10,685 (10,410), Pure gold 99.9 purity: Rs 10,735 (10,460).

UNI