Silver closes at new high at Rs 14,710 per kg, gold eases

Mumbai, Mar 22 (UNI) Values of silver zoomed up to a new high today to close at Rs 14,710 per kg on bullish advice from global markets, traders at the bullion market here said.

Gold however, eased modestly on poor demand from ornament makers.

Silver fineness variety opened crossing Rs 14,700 mark and opened at a new high at Rs 14,720 per kg and closed at Rs 14,710 per kg, with a massive gain of Rs 480 from its yesterday's close.

There was increase of fresh demand and encouraging advice from other centres.

Report from abroad say that silver surged to its highest in more than 22 years on Wednesday on strong speculative buying after U S regulators took a big step towards finally approving the market's first exchange-traded fund (ETF).

In London, the white metal was quoted high at US dollar 10.54/10.57 per troy ounce, from the previous close of USD 10.53/10.56 per troy ounce on Tuesday at New York.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) also opened weak at Rs 8,000 and Rs 8,045 per ten gm, respectively.

Both the yellow metal closed low at Rs 7,980 for standard mint and Rs 8,020 per ten gm for pure gold.

The prices came down by Rs 20 for standard mint and for pure gold by Rs 25 from their last close.

There was increase of stock supply from ornament-makers, alongwith sustained heavy selling pressure by stockists.

The yellow metal was quoted low at USD 548.80/549.50 per troy ounce from the previous close of USD 551.80/552.70 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 14,710 (Rs 14,480), Gold (per 10 gm): Standard mint 99.5 purity : Rs 7,980 (Rs 8,000), Pure Gold 99.9 purity : Rs 8,020 (Rs 8,045).

UNI VD MJ SKB1822