Silver, gold touch new highs during the week

Mumbai, Apr 23: Silver touched the highest peak of Rs 22,950 per kg, while gold touched Rs 9,560 per ten gm on reduced 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 1,690 per kg and Rs 585 per ten gm respectively during the week, traders at the Bombay Bullion Association said.

Silver .999 fineness grade opened high on Monday at Rs 20,155 per kg on increased stocks from domestic industrial users. It crossed the Rs 22,000 mark on Thursday in the opening session at Rs 22,535 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 22,950 as on April 20, while its low was Rs 18,980 on April 21 and it closed the weekend at Rs 21,580 with a massive gain of Rs 1,690 from the last weekend.

In the global markets, silver rose at USD 13.00/13.05 per troy ounce in London during the week ended last Friday as against its previous week's close of USD 12.90/12.98 in New York, they added.

Standard mint gold (99.5) and pure gold (99.9) also opened high at Rs 8,910 and Rs 8,955 per ten gm on Monday, on higher demand.

It stood high at Rs 9,500 and Rs 9,560 on April 20, while its low was Rs 9,050 and Rs 9,095 on April 21. Finally, it closed the weekend at Rs 9,440 and Rs 9,490 per ten gm respectively.

Standard gold as well as pure gold made a huge gain of Rs 585 each from their last week's close.

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

Meanwhile, in the global markets like London, gold was around USD 630/635 per troy ounce during the week ended on April 21, as against the previous week's close of USD 600.00/600.30 in New York, traders added.

UNI