Silver rules all-time high, gold glitter on bullish global advice
Mumbai, Mar 5 (UNI) Prices of silver ruled all-time high on Friday at Rs 14,375 per kg, while gold glittered to Rs 8,205 per ten gm respectively during the week ended yesterday, mainly on bullish global advice.
Both the white and yellow metals showed a massive gain of Rs 760 per kg and Rs 105 per ten gm respectively during the week, traders at the Bombay Bullion Association said.
Silver .999 fineness grade opened weak on Monday at Rs 13,580 per kg on poor demand from domestic industrial users.
It crossed Rs 14,000 mark and its high was at Rs 14,375 per kg on March three, while its low of Rs 13,580 per kg was on February 27.
Silver finally closed high at Rs 14,350 per kg, with a massive gain of Rs 760 over the previous week's close.
There was fresh demand from ornament makers and also from industrial users, traders said.
In the global markets, silver also crossed its 10-mark and remained high at USD 10.18/10.21 per troy ounce during the week ended on Friday, as against its previous week's close of USD 9.70/9.80, traders added.
Standard mint gold (99.5) also opened weak at Rs 8,055 per ten gm on Monday, on fresh demand. It also crossed Rs 8,200 mark and its high was of Rs 8,205 on March three and a low of Rs 8,050 on February 27, before closing the week at Rs 8,165 per ten gm, with a huge gain of Rs 105 from its previous week's close.
Pure gold (99.9) also opened low on Monday at Rs 8,095 per ten gm on thin buying support. It reported its low on February 27 at Rs 8,090 and high at Rs 8,250 on March three, and closed the week at Rs 8,205.
Sellers were hoarding their stocks in view of the oncoming marriage season demand by local operators, along with bullish advice from global markets.
Meanwhile, in the global markets like London, gold was at around USD 565.30/565.50 per troy ounce during the week ended on March three as against the previous week's close of USD 559.60/559.80, traders added.
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