Both the precious metals witnessed an upward march throughout the week.Gold and Silver prices are increasing day by day because of worries about inflation, traders said. On Monday, Gold closed at Rs 11,650 and the next day, there was no trading on account of 'Shivjayanti'. On Wednesday, it crossed Rs 12,000 mark and closed at Rs 12,005 an all time high. On very next day again, it rose by Rs 195 per ten gm and finished at Rs 12,200.
On Friday, it broke its previous record and closed at another new peak at Rs 12,230. And on Saturday, it remained steady on moderate demand.
Standard gold recorded a low of Rs 11,650 on February 18, while pure gold was quoted at Rs 11,705 per ten gm the same day. Finally, both standard and pure gold closed at Rs 12,230 and Rs 12,290 respectively, with a huge gain of Rs 600 and Rs 610 respectively from their last week's close.
Meanwhile, in London, gold rose to USD 945.00/946.50 per troy ounce during the week ended February 22, as compared to the previous week's close of USD 914.00/915.50, traders added.
On Monday at the closing, Silver was quoted at Rs 21,605 and on Wednesay the white metal crossed Rs 22,000 and closed at Rs 22,135. On Thursday, it edged up by Rs 420 and closed at Rs 22,555 and next day it fell by Rs 15 but on Saturday, last day of the week it again surged by Rs 115 per kg and closed at Rs 22,655, a twentyeight months high.
Silver .999 fineness grade opened high at Rs 21,620 per kg last Monday on better buying support from domestic industrial users. It recorded a high of Rs 22,655 on February 23 and low of Rs 21,605 on February 18 and closed at Rs 22,655 with a gain of Rs 90 from its last weekend close, traders said.
In the global markets, Silver moved up and closed at USD 17.88/17.90 per troy ounce during the week ended February 22, as compared to the previous weekend close of USD 17.40/16.42 per troy ounce.