Gold touches Rs 11,280

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Mumbai, Jan 9: Gold continued its upward swing and rose by Rs 200 per 10 gm today to touch an all-time high of Rs 11,280 on lack of selling pressure from stockists due to the marriage season, besides strong global advice, traders at Bombay Bullion Association (BBA) said.

Silver closed at an eight-week high of Rs 20,440 per kg with a handsome gain of Rs 525 per kg from its last level in sympathy with the yellow metal, traders added. Standard gold (99.5 purity) and pure gold (99.9) crossed Rs 11,200 mark and opened higher at Rs 11,285 and Rs 11,340 per ten gm respectively. The yellow metal closed at Rs 11,280 per ten gm for standard gold, while pure gold was at Rs 11,330 per ten gm.

Both the prices soared sharply by Rs 200 for standard mint and pure gold by Rs 205 from their last close. The yellow metal has edged up by Rs 350 within two days.

Silver fineness .999 quoted above Rs 20,000 per kg and opened high at Rs 20,230 per kg. The prices rallied again and closed at an eight-week high of Rs 20,440 per kg. The white metal shot up by Rs 525 in a single day.

Marketmen said the buying was more of a speculative nature as some of the stockists enlarged their positions in future trading.

Some purchases were made by jewellery fabricators and some leading sellers in offloading of ornaments in the domestic market.

In Asia and London markets, gold also inched up at around USD 884.50/885.00 as compared to USD 874.50/875,00 per troy ounce in New York, while silver crossed USD 16.00 mark and touched an all-time high at around USD 16.00/16.03 per troy ounce against USD 15.28/15.52 per troy ounce.traders added.

Following are the closing rates of spot silver and gold: Silver (per kg) 999 fineness grade : Rs 20,440 (19,915) Gold (per 10 gm) Gold 99.5 purity standard mint : Rs 11,280 (11,080) Gold 99.9 purity pure gold : Rs 11,330 (11,125).

UNI

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