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Gold touches Rs 10,000-mark, silver shines

Written by: Staff

Mumbai, May 7: Spot gold touched Rs 10,000-mark and closed at Rs 10,020 per ten gm while silver shone brightly at Rs 20,975 per kg, on heavy demand on bullish global advice during the week ended yesterday, traders said.

Standard mint gold (99.5) and pure gold (99.9) spot rates opened high on fresh buying support at Rs 9,585 and Rs 9,625 per ten gm on Tuesday while on Monday the market remained closed for Maharashtra Day.

It stood high at Rs 9,970 and Rs 10,020 on May six in the opening session, while its low was Rs 9,585 and Rs 9,625 on May two.

Finally, it closed the week at Rs 9,970 and Rs 10,020 per ten gm respectively.

Both the yellow metals made the huge gain of Rs 410 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 quoted high around USD 680/682 per troy ounce during the week ended on May five, as against the previous week's close of USD 650/654 in New York, traders added.

Silver .999 fineness ready grade opened low on Tuesday at Rs 20,500 per kg on lack of fresh demand from domestic industrial users. It fell on May two at Rs 20,500, its high of Rs 21,435 was on May three and closed at Rs 20,975 per kg on fresh buying support with a huge gain of Rs 425 from its previous week.

In the global markets, silver rose at USD 14.00/14.05 per troy ounce in London during the week ended last Friday as against its previous week's close of USD 13.70/13.78 in New York, they added.


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