Std Gold closes at a new high of Rs 11,080 per ten gm

Mumbai, Jan 8 (UNI) Standard mint gold today recorded a new high of Rs 11,080 per ten gm, registering a smart gain of Rs 150 per ten gm from its last close, due to lack of offloading by stockists and strong advices from global markets, traders at the Bombay Bullion Association (BBA) said today.

The white metal ended firm at Rs 19,915 per kg with a small gain of Rs 70, in sympathy with yellow metal.

Standard gold (99.5) and pure gold (99.9) opened higher at Rs 10,970 and Rs 11,020 per ten gm respectively on renewed demand by ornament makers in view of strong advices from global and upcountry markets.

Later, the yellow metal again crossed the Rs 11,000 barrier, registering an all-time new high of Rs 11,080 per ten gm for standard gold, while the pure gold was at Rs 11,125 per ten gm. The standard gold had earlier risen to Rs 11,035 on January 3.

Both the prices soared sharply by Rs 150 for standard mint and pure gold by Rs 145 from their last close.

Silver fineness .999 resumed steady at Rs 19,845 per kg on moderate demand. Later, its prices improved and closed at Rs 19,915 per kg. The white metal rose smartly by Rs 70 from yesterday's close.

A leading trader attributed that both the precious metals rallied due to weak US Dollar against the rupee during the last few days, along with lesser stocks arrival and also due to more input cost of import of both precious metals. At present, there was heavy speculative activity in the domestic and international markets.

There was heavy demand from the Exchange Trade Mutual Fund (ETF) operators throughout the global markets, which reflected boost in the local prices.

In Asia and London markets, gold also inched up at around USD 874.50/875.00 as compared to USD 864.50/865,00 per troy ounce in New York, while silver edged up at around USD 15.38/15.43 per troy ounce against USD 15.10/15.35 per troy ounce, which helped to boost both silver and gold prices in the domestic market, traders added.

Following are spot silver and gold closing prices Silver (per kg) .999 grade: Rs 19,915 (19,845) Gold (per 10 gm) Standrad mint 99.5 purity: Rs 11,080 (10,930) Pure gold 99.9 purity Rs 11,125 (10,980) UNI NV-AR SSS SKB1908