Gold, silver prices touch all time highs

Mumbai, May 14: Prices of spot gold and silver touched all time highs of Rs 10,565 per ten gm and Rs 21,550 per kg respectively on heavy demand and 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 9,995 and Rs 10,040 per ten gm on Monday.

They stood high at Rs 10,665 and Rs 10,715 on May 12, while they ebbed at Rs 9,935 and Rs 9,990 respectively on May 8. Finally, they closed the week at Rs 10,515 and Rs 10,565 per ten gm respectively.

Both the yellow metals made huge gains of Rs 545 each from their last week's close.

There was heavy demand from jewellers on lesser stock supply, along with bullish advice from global markets.

Meanwhile, in the global markets like London, gold was quoted high at around USD 710/714 per troy ounce during the week ended on May 12, as against the previous week's close of USD 680/682 in New York, traders added.

Silver .999 fineness ready grade opened high on Monday at Rs 21,000 per kg on increased demand from domestic industrial users.

It touched a high of Rs 21,980 on May 12 but closed at Rs 21,550 per kg on fresh buying support with a massive gain of Rs 575 over the previous week.

In the global markets, silver rose to USD 14.50/14.58 per troy ounce in London during the week ended last Friday as against its previous week's close of USD 14.00/14.05 in New York, they added.

UNI