Silver touches new peak of Rs 17,000, gold at Rs 8,500

Mumbai, Apr 2: Prices of silver jumped to a new high of Rs 15,700 per kg, while that of gold were at Rs 8,500 per ten gm on a lesser stock supply along with higher advice from global markets during the week ended yesterday, traders said.

Both the white and yellow metals showed a massive gain of Rs 1,985 per kg and Rs 350 per ten gm respectively during the week, traders at the Bombay Bullion Association said.

Silver .999 fineness grade opened high on Monday at Rs 15,495 per kg on better buying support from domestic industrial users. It crossed Rs 17,000-mark on Friday in the opening session at Rs 17,370 per kg on increase of fresh demand.

Sellers were hoarding their stocks on fresh buying support from ornament makers. Its high of Rs 17,495 was on March 31 while its low of Rs 15,495 was on March 27 and closed the week at Rs 17,195 with a massive gain of Rs 1,985 from its last week-end.

In the global markets, silver rose at USD 11.20/11.50 per troy ounce at London during the week ended on last Friday, as against its previous week's close of USD 10.50/10.75 at New York, they added.

Standard mint gold (99.5) and pure gold (99.9) also opened high at Rs 8,135 and Rs 8,180 per ten gm on Monday, on higher demand. Its high of Rs 8,520 and Rs 8,560 was on March 31 respectively while its low of Rs 8,135 and Rs 8,180 was on March 27 and closed at Rs 8,455 and Rs 8,500 per ten gm at the weekend.

Both the yellow metals made a huge gain of Rs 350 each from their last week's close.

There was heavy marriage season demand from jeweller on lesser stock supply along with bullish advice from global markets.

Meanwhile, in the global markets like London, gold was at around USD 581.90/582.00 per troy ounce during the week ended on March 31 as against the previous week's close of USD 559.90/560.00 at New York, traders added.

UNI