Gold and silver zooms at highest peak
Mumbai, Apr 19: Prices of spot gold and silver zoomed up at its highest peak at Rs 9,270 per ten gm and Rs 21,835 per kg respectively, on bullish global advice, traders at the bullion market today said.
Standard mint gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 9,165 and Rs 9,210 per 10 gm, respectively.
Later, both the yellow metal closed higher at Rs 9,215 and Rs 9,270 per ten gm with a huge gain of Rs 115 for standard gold and Rs 125 for pure gold from its yesterday's close.
Reports from abroad says that gold rose as much as to a fresh quarter-century high on Wednesday, driven by tensions in the Middle East that have led to record high oil prices and worries about inflation.
Gold also quoted high at USD 624.00/625.00 per troy ounce in London from the previous close of USD 615.00/618.00 per troy ounce in New York on the previous day.
There was heavy demand by jewellery makers as there was reduced stock supply in view of ongoing marriage season.
Silver .999 fineness variety also opened high at Rs 21,255 and ruled still higher and closed at Rs 21,835 per kg with a massive gain of Rs 1,195 from its last close.
There was higher demand from ornament makers as sellers were hoarding their stocks due to higher advice from other centres.
In London, the white metal was quoted high at US dollar 14.08/14.21 per troy ounce, against USD 13.48/13.64 per troy ounce on Tuesday in New York.
Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 21,835 (Rs 20,640), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,215 (Rs 9,100), Pure gold 99.9 purity : Rs 9,270 (Rs 9,145).