BBA President Suresh Hundia told the sources that the rising oil prices in the international market and the decline of the US Dollar against major world currencies had led to surge in Gold and Silver prices. Yesterday, the Dollar had hit a record low against the Euro. In February 2007, India imported around 62 tonnes of gold and this year in February, only 10 tonnes were imported, Hundia said adding the yellow metal will reach upto Rs 13,500 by end of this month.
Some of the investors parked their funds in the bullion market as a safe investment following uncertainty in the equity market, traders said.
On Monday, Gold finished at Rs 12,740 and on Tuesday, it edged up by Rs 105 and closed at Rs 12,845 and on the next day it fell by Rs 120 to finish at Rs 12,725 per ten gm.
And from Thursday its upward march started and remained intact till today, the last day of the week.
On Thursday, Gold recovered by Rs 240 and closed at Rs 12,965 and Friday was golden day for the yellow metal as it crossed Rs 13,000 and closed at Rs 13,030. Today, it further rose and closed at Rs 13,110 for standard Gold and Rs 13,170 for pure Gold.
Standard Gold recorded a low of Rs 12,725 on March 12, while pure Gold was quoted low at Rs 12,785 per ten gm on the same day.
Finally, both standard and pure Gold closed at Rs 13,110 and Rs 13,170 respectively, with a smart gain of Rs 330 for standard gold and Rs 335 for pure gold from last week's close.
Meanwhile, in London, Gold rose to USD 995.00/996.50 per troy ounce during the week ended March 14, as compared to the previous week's close of USD 980.00/981.50, traders added.
On Monday, at closing, Silver was quoted at Rs 24,600 and on Tuesday, the white metal improved by Rs 35 and on Wednesday it was down by Rs 135 to close at Rs 24,500 per kg.
From Thursday, the price of white metal started rising and the uptrend continued till today. Silver went up by Rs 480 to close at Rs 24,980 on Thursday and on friday it finished at Rs 25,020.
Today, Silver was up by Rs 205 to reach Rs 25,225, an all time peak.
On February 29, Silver had touched Rs 24,000. In the last 15 days the white metal has jumped by Rs 1000 per kg. In the last one week, the white metal has gained by Rs 445 per kg.
In the global markets, Silver moved up and closed at USD 20.40/20.41 per troy ounce during the week ended March 14 as compared to the previous weekend's close of USD 20.17/20.18 per troy ounce.