Gold zoomed at an all time high, silver rises

Mumbai, May 3 (UNI) Prices of spot gold zoomed at an all time high at Rs 9,890 per ten gm while silver also rose at Rs 21,435 per kg on bullish global advice, traders at the bullion market today said.

Standard gold (99.5 purity) and pure gold (99.9 purity) also opened high crossing over Rs 9,700-mark at Rs 9,765 and Rs 9,815 per 10 gm, respectively.

Both the yellow metals closed at an all time high touching Rs 9,800 mark at Rs 9,840 and Rs 9,890 per 10 gm, respectively, with a massive gain of Rs 215 each from its yesterday's close.

There was heavy demand from ornament makers as sellers were hoarding their stocks due to the ongoing marriage season.

Reports from abroad says that gold hit a fresh 25 year high on Wednesday as fund buying persisted, driven by a weak dollar, strong oil prices and concerns about Iran's nuclear ambitions.

In London also, gold was quoted high at USD 672.50/673.00 per troy ounce against the previous close of USD 660.50/661.00 per troy ounce in New York on Tuesday.

Silver .999 fineness variety also opened upwards at Rs 20,845 per kg on good demand. Later, it closed still higher at Rs 21,435 per kg with a huge gain of Rs 835 from its previous close.

There was increase of fresh demand from jewellery makers on reduced stock supply.

In London, the white metal was quoted high at US dollar 14.25/14.32 per troy ounce against USD 13.90/14.00 per troy ounce on Tuesday in New York.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 21,435 (Rs 20,600), Gold (per 10 gm): Standard mint 99.5 purity : Rs 9,840 (Rs 9,625), Pure gold 99.9 purity : Rs 9,890 (Rs 9,675).

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