Gold scales record peak of Rs 12,520; Silver zooms higher

Mumbai, Feb 29 (UNI) Gold prices spurted today to a new record peak of Rs 12,520 per ten gm and Silver crossed the 24K mark per kg for the first time in the domestic market on bullish global advice, traders at the Bombay Bullion Association (BBA) said.

The yellow metal surged by Rs 195 and the white metal by Rs 440 per kg in a single day to close at 24,095 per kg.

The firm international prices are result of the record crude oil price and weak dollar and hence the values of precious metals are rising, bullion traders said. Today, oil hit a new high above USD 103 a barrel in the international market, traders added.

Silver (.999 fineness) variety resumed high at Rs 24,130 per kg on better buying support. Later, it declined and closed at Rs 24,095 per kg and jumped by Rs 440 per kg from its previous close.

Traders received reports from London and other asian markets that the yellow metal was quoted around USD 967.50/968.50 per troy ounce from its previous close, while the white metal was at USD 19.60/19.61 from its last close, dealers added.

Standard gold (99.5 purity) opened upward at Rs 12,525 per ten gm and pure gold (99.9 variety) at Rs 12,575 per ten gm on brisk buying support from retailers.

Later, standard and pure gold further rose and closed at Rs 12,520 and Rs 12,575, gaining by Rs 195 and and Rs 200 per ten gm respectively, from their previous close.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 24,095 (23,655) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,520 (12,325) Pure gold 99.9 purity: Rs 12,575 (12,375).

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