Silver touches highest peak of Rs 18,085, gold at Rs 8,620

By Staff
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Google Oneindia News

Mumbai, Apr 9: Prices of silver touched the highest peak of Rs 18,085 per kg, together with gold at Rs 8,620 per ten gm on reduced 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 890 per kg and Rs 95 per ten gm, respectively during the week, traders at the Bombay Bullion Association said.

Silver .999 fineness grade opened high on Monday at Rs 17,370 per kg on higher demand from domestic industrial users. It crossed the Rs 18,000-mark on Friday in mid-session at Rs 18,095 per kg, on increased fresh demand.

Sellers were hoarding their stocks on better buying support from ornament makers. The white metal's high of Rs 18,095 was on April seven while its low of Rs 17,370 was on April three and it closed the weekend at Rs 18,085 with a massive gain of Rs 890 from its last weekend.

In the global markets, silver rose at USD 12.05/12.10 per troy ounce at London during the week ended on last Friday, as against its previous week's close of USD 11.25/11.50 at New York, they added.

Standard mint gold (99.5) and pure gold (99.9) also opened high at Rs 8,485 and Rs 8,525 per ten gm on Monday, on higher demand.

On April seven it was high of Rs 8,675 for standard mint gold and Rs 8,715 for pure gold while their low prices of Rs 8,485 and Rs 8,525, respectively, were on April three. Their closing prices on the weekend were Rs 8,575 and Rs 8,620 per ten gm, respectively.

Standard gold made a huge gain of Rs 90 while pure gold gained Rs 95, from their last week's close.

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

Meanwhile, in the global markets like London, gold was at around USD 588.25/588.50 per troy ounce during the week ended on April seven as against the previous week's close of USD 581.90/582 at New York, traders added.

UNI

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