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Gold soars to new peak, silver rises

Written by: Staff

Mumbai, May 10 (UNI) Prices of spot gold climbed to a new peak at Rs 10,315 per ten gm, while silver rose at Rs 21,495 per kg on bullish global advice, traders at the bullion market said today.

Standard gold (99.5 purity) this morning crossed Rs 10,000-mark and opened at Rs 10,245 while pure gold (99.9 purity) opened at Rs 10,295 per 10 gm respectively.

Both the yellow metals closed at all-time high at Rs 10,265 and Rs 10,315 per ten gm with a huge gain of Rs 310 each from their yesterday's close.

There was heavy demand from ornament makers in view of discouraging advice from international market.

Reports from abroad said that gold hit a 25-year high on Wednesday as investors reacted to a weak dollar and tension over Iran's nuclear ambitions.

In London too, gold was quoted high at USD 701.50/702.25 per troy ounce against the previous close of USD 682.50/683.00 per troy ounce in New York on Tuesday.

Silver .999 fineness variety also opened upward at Rs 21,535 per kg on better buying support. Later, it closed at Rs 21,495 per kg with a massive gain of Rs 710 from its previous close.

There was increase of fresh demand from jewellery-makers on lesser stocks supply.

In London, the white metal was quoted high at US dollar 14.30/14.37 per troy ounce against USD 13.88/13.90 per troy ounce in New York yesterday.

Following were the spot silver and gold closing prices today: Silver (per kg) .999 grade : Rs 21,495 (Rs 20,785), Gold (per 10 gm): Standard mint 99.5 purity : Rs 10,265 (Rs 9,955), Pure gold 99.9 purity : Rs 10,315 (Rs10,005).


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