Silver and gold touches highest ever peak

Mumbai, Mar 31: Values of silver and gold today touched highest ever peak of Rs 17,405 per kg and of Rs 8,530 per ten gm respectively on bullish global advice, traders at the bullion market here said.

Silver fineness variety opened to greatest high of Rs 17,370 per kg and closed still higher at Rs 17,405 per kg, with a massive gain of Rs 1,650 from its Wednesday's close as the bullion market remained closed on Thursday for 'Gudi Padwa'.

Sellers were hoarding their stocks in view of reduced stock supply and encouraging advice from other centres.

Silver hit its highest in more than 22 years and palladium rose to its best level since August 2002, reflecting heavy fund buying in commodities before the end of the first quarter of 2006, reports from the overseas market said.

In London, the white metal was quoted high at US dollar 11.70/11.85 per troy ounce, from the previous close of USD 11.62/11.65 per troy ounce on Thursday at New York.

Standard mint gold (99.5 purity) and pure gold (99.9 purity) opened at the highest level of Rs 8,520 and Rs 8,560 per ten gm, respectively.

Both the yellow metal closed highest ever at Rs 8,490 and Rs 8,530 per ten gm respectively with a huge gain of Rs 290 each from its previous close.

There was heavy marriage season demand and lesser stock supply from overseas markets.

Reports from abroad says Tokyo gold futures prices rose to its highest in 18 years after a surge in dollar-based spot gold and firm oil prices ignited heavy buying by fund operators and Japanese retail investors Gold was quoted high at USD 587.20/588.75 per troy ounce at London from the previous close of USD 586.20/587.10 per troy ounce at New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 17,405 (Rs 15,755), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,490 (Rs 8,200), Pure Gold 99.9 purity : Rs 8,530 (Rs 8,240).

UNI