Gold crosses Rs 12,500 to register all time high

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Mumbai, Mar 1: Both the precious metals scaled historic highs during the week to record unprecendented price gains. Gold registered an all-time high of Rs 12,565 per ten gm and Silver crossed the 24K mark for the first time in the domestic market on bullish global advice, traders at the Bombay Bullion Association (BBA) said.

Precious metals hardened because of steep hike in crude oil prices and a weak dollar. On Friday, oil hit a new high above USD 103 a barrel in the international market, traders said. On Monday, Gold closed at Rs 12,265 and on Tuesday it was down by Rs 210. On Wednesday, it again rose and finished at Rs 12,345.

and on the next day it again dipped by Rs 20. On Friday, it crossed 12,500 and closed at Rs 12,520. Today, it again broke its previous record and touched Rs 12,565--an all time high.

Standard gold recorded a low of Rs 12,055 on February 26, while pure gold was quoted low at Rs 12,115 per ten gm the same day.

Finally, both standard and pure gold closed at Rs 12,565 and Rs 12,620 respectively, with a huge gain of Rs 335 and Rs 330 respectively from their last week's close.

Meanwhile, in London, gold rose to USD 970.00/971.50 per troy ounce during the week ended February 29, as compared to the previous week's close of USD 945.00/946.50, traders added.

On Monday at the closing, Silver was quoted at Rs 22,735 and on Tuesday the white metal declined by Rs 90 and on Wednesday it again rose by Rs 120 to close at Rs 23,765. On Thursday, it was down by Rs 110.

On Friday, it crossed 24k first time in the domestic market and finished at Rs 24,095.

And today, the white metal was down by Rs 75 and closed at Rs 24,020 per kg.

Silver .999 fineness grade opened high at Rs 22,740 per kg last Monday on better buying support from domestic industrial users. It recorded a high of Rs 24,095 on February 29 and low of Rs 22,645 on February 26 and closed at Rs 24,020 with a whopping gain of Rs 1365 from its last weekend close, traders said.

In the global markets, Silver moved up and closed at USD 19.60/17.61 per troy ounce during the week ended February 29, as compared to the previous weekend close of USD 17.88/17.90 per troy ounce.


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