Silver touches highest peak at Rs 19,890, gold at Rs 8,905
Mumbai, Apr 16: Prices of silver touched the highest peak of Rs 19,890 per kg, while gold also touched Rs 8,905 per ten gm on lesser stocks supply and bullish advice from global markets during the week ended yesterday, traders said.
Both the white and yellow metals showed a massive gain of Rs 1,805 per kg and Rs 285 per ten gm respectively during the week, traders at the Bombay Bullion Association said.
Silver .999 fineness grade opened high on Monday at Rs 18,445 per kg on brisk demand from domestic industrial users. It crossed the Rs 19,000 mark on Tuesday in the opening session at Rs 19,480 per kg, on increased fresh demand.
Sellers were hoarding their stocks on better buying support from ornament makers. The white metal was high at Rs 19,905 was on April 15, while its low was Rs 18,445 on April 10 and it closed the weekend at Rs 19,905 with a massive gain of Rs 1,805 from its last weekend.
In the global markets, silver rose at USD 12.90/12.98 per troy ounce at London during the week ended on last Friday, as against its previous week's close of USD 12.00/12.10 at New York, they added.
Standard mint gold (99.5) and pure gold (99.9) also opened high at Rs 8,655 and Rs 8,700 per ten gm on Monday, on higher demand.
It stood high at Rs 8,855 and Rs 8,905 on April 15, while its low was Rs 8,655 and Rs 8,700 on April 10. Finally, it closed on the weekend at Rs 8,855 and Rs 8,905 per ten gm, respectively.
Standard gold made a huge gain of Rs 280, while pure gold also gained heavily of Rs 285 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 600.00/600.30 per troy ounce during the week ended on April 14, as against the previous week's close of USD 588.00/588.50 at New York, traders added.