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Silver records at an all time high on bullish advice, gold firm

Written by: Staff

Mumbai, Mar 1 (UNI) Values of silver recorded to close at an all-time high for consecutive third day today on bullish advice from global markets coupled with heavy speculative demand traders at the bullion market here said.

However, the yelllow metal also closed four week high on some good marriage seasonal demand from ornament makers.

Silver today crossed Rs 13,700 for the first time in the bullion historical day and opened high at Rs 13,750 per kg. Later it closed again at an all-time high at Rs 13,770 with a net handsome gain of Rs 110 from its last close.

There was heavy speculative demand from local industrial users, alongwith bullish advice from the overseas markets. The rupee also stronger at Rs 44.36/37 per unit against US dollar also contributed to boost in domestic white metal prices, they said.

In London, the white metal was quoted high at US dollar 9.76/9.82 per troy ounce from USD 9.72/9.75 per troy ounce, from its previous day's close.

Standard mint gold (99.5 purity) and pure gold, however, resumed high at Rs 8,095 and Rs 8,135 per 10 gm, respectively. Later standard mint gold crossed Rs 8,100 mark.

Finally both the prices closed four week high at Rs 8,105 per 10 gm for standard mint gold and Rs 8,150 for pure gold. Both the varieties advanced smartly by Rs 55 from their last finish.

There were lack of offers by stockists due to lesser stocks.

There was some good marriage demand from ornament-makers.

The yellow metal was also quoted high at USD 561.50/563.30 per troy ounce from USD 558.20/558.50 per troy ounce at its previous close, traders added.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 13,770 (Rs 13,660), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,105 (Rs 8,050), Pure Gold 99.9 purity : Rs 8,150 (Rs 8,095).


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