Gold sets new record at Rs 11,395

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Mumbai, Jan 13: Standard gold hit a historic high at Rs 11,395 per ten gm with a whopping gain of Rs 445 and Silver touched a nine weeks high at Rs 20,625 per kg, advancing by Rs 715 per kg, during the week-end on January 12, on strong advice from International markets, traders at Bombay Bullion Association (BBA) said.

The prices of precious metals are rising due to sky rocketing price of oil in the international market and weak dollar against the rupee, traders said.

Silver .999 fineness grade opened downward last Monday at Rs 19,845 per kg owing to absence of demand from domestic industrial users. The white metal recorded a high of Rs 20,625 on January 12 and low of Rs 19,845 on January 7 and closed at Rs 20,625 with a huge gain of Rs 715 from its last weekend close, traders said.

In a global market, silver shot up and closed at 15.96/16.03 per troy ounce during the week end on January 11 as comapared to the previous weekend close of USD 15.30/15.45 per troy ounce.

Standard mint gold (99.5 purity) opened weak last Monday at Rs 10,895 per ten gm followed by pure gold (99.9 purity) at Rs 10,945 per tem gm on sustained heavy selling pressure from ornament makers.

The yellow metal registered all time new high of Rs 11,395 on January 12 for standard gold and Rs 11,445 for pure gold on the same day.

Standard gold recorded a low of Rs 10,930 on January 7.

Likewise, pure gold also registered a low of Rs 10,980 per ten gm on the same day.

Finally, standard gold and pure gold closed at Rs 11,395 and Rs 11,445 respectively with a smart gain of Rs 445 each from their last week's close.

Meanwhile, in London, gold was 888.50/890.25 per troy ounce during the week-end on January 11 as compared to the previous weeks close of USD 864.50/867.00, traders added.


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