Gold touches a new peak,silver rises on heavy speculative demand

Mumbai, Apr 14 (UNI) Values of spot gold closed a new peak at Rs 8,875 per ten gm while silver also rose at Rs 19,320 per kg on sustained heavy speculative demand, traders at the bullion market said today.

Silver .999 fineness variety opened high at Rs 19,315 and closed again high at Rs 19,320 per kg. with a massive gain of Rs 335 from its yesterday's close.

There was some heavy speculative demand from ornament makers.

Selllers were hoarding their stocks due to lesser stocks supply from neighboruing centres. There was no trading at global markets due to ''Good Friday'' Standard mint gold (99.5 purity) and pure gold (99.9 purity) also resumed high at Rs 8,825 and Rs 8,875 per 10 gm, respectively.

Later, standard and pure gold closed high at Rs 8,830 and Rs 8875 per ten gm. BOth the prices rose by Rs 55 each from its last close.

There was some heavy buying support by jewellery makers. Stockists were hoarding their stocks in view of forthcoming marriage festival season and some lesser stocks from upountry centres.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 19,320 (Rs 18,985), Gold (per 10 gm): Standard mint 99.5 purity : Rs 8,830 (Rs 8,775), Pure gold 99.9 purity : Rs 8,875 (Rs 8,820).

UNI AR PP VKG1802