Silver, Gold zoom to a three-week high

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Mumbai, Feb 7 (UNI) Both the precious metals zoomed to a three-week high today with Silver gaining by Rs 100 per kg to close at Rs 21,105 and Gold jumping up by Rs 160 per ten gms to end at Rs 11,685 on strong advice from global markets, traders at the Bombay Bullion Association (BBA) said.

Silver .999 fineness resumed at Rs 21,O05 per kg on fresh buying support from local dealers. Later, it ended with a gain of Rs 100 from its last close to settle at Rs 21,105.

Similarly, pure gold 99.9 variety crossed the Rs 11,600 mark and it resumed high at Rs 11,630 per ten gm while standard gold (99.5 purity) opened firm at Rs 11,575 per ten gm.

Later, standard gold and pure gold closed at a three week high at Rs 11,630 and Rs 11,685 per ten gm respectively.

Both the prices soared up sharply by Rs 160 each from their previous close.

Traders said there was heavy speculative demand from ornament makers in view of marriage season.

In the London and Asian markets, silver was quoted higher around at 16.58/16.65 per troy ounce compared to the last close of 16.48/16.52 per troy ounce, while gold inched up around at USD 903.50/906.10 per troy ounce against 901.00/905.25 per troy ounce, which helped boost the domestic prices, a leading dealer pointed out.

Following are spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 21,105 (21,005) Gold (per 10 gm) Standard mint 99.5 purity: Rs 11,630 (11,470) Pure gold 99.9 purity: Rs 11,685 (11,525).

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