Silver rates at an all-time high, gold also rises further

Mumbai, Mar 20 (UNI) Values of silver rose to an all-time high of Rs 14,505 per kg while that of gold moved further at Rs 8,065 per ten gm on bullish global advice, traders at the bullion market here said today.

Silver fineness variety today crossed the Rs 14,500 mark and opened at an all-time high of Rs 14,515 per kg and closed at a new peak of Rs 14,505 per kg, with a gain of Rs 20 from its Saturday's close.

There was an increase of fresh demand by local operators and encouraging advice from other centres.

Reports from abroad said silver prices held near their highest in more than 22 years on Monday, buoyed by expectations of more demand and hopes of a new investment fund being approved, while gold hovered in a tight band.

Silver might jump further in the event of the launch of proposed Barclays Global Investors fund, which is designed to be backed by physical metal.

In London, the white metal was quoted high at US dollar 10.35/10.43 per troy ounce, from the previous close of USD 10.34/10.37 per troy ounce on Friday at New York.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) also opened high at Rs 8,030 and Rs 8,070 per ten gm, respectively.

But the closing was at Rs 8,025 for standard mint and Rs 8,065 per ten gm for pure gold.

The prices went up by Rs 15 for standard mint and for pure gold by Rs 10, from their last close.

There was fresh buying support from ornament-makers, alongwith lesser stock supply by stockists.

The yellow metal was quoted high at USD 554.25/555.00 per troy ounce from the previous close of USD 554.10/555.10 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 14,505 (Rs 14,485), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,025 (Rs 8,010), Pure Gold 99.9 purity : Rs 8,065 (Rs 8,055).

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