Precious metals move to record highs

Mumbai, Mar 7 (UNI) Both the precious metals today scaled new record peaks with Gold surging to Rs 12,855 per ten gm and Silver closed at a record-breaking Rs 24,790 per kg on renewed demand from stockists in view of the marriage season and strong global cues, traders at the Bombay Bullion Association (BBA) said.

The yellow metal moved up by Rs 270 and Silver rose by Rs 690 per kg, traders said.

Some of the investors parked their funds in the bullion market as a safe investment because of uncertainty in the equity market, traders said.

Silver (.999 fineness) variety crossed the 25k mark and opened higher at Rs 25,100 per kg on better buying support. Later, it fell and closed at Rs 24,790, a gain of Rs 690 per kg from its last close.

Standard gold (99.5 purity) resumed high at Rs 12,885 per ten gm and pure gold (99.9 variety) at Rs 12,940 per ten gm on good demand.

Later, standard and pure gold dropped slightly to close at Rs 12,855 and Rs 12,915 respectively, gaining Rs 270 for standard gold and Rs 280 for pure gold from their previous close.

Traders received reports from London and other Asian markets that the yellow metal was quoted around USD 981.50/982.50 per troy ounce from its previous close, while the white metal was at USD 20.20/20.21 from its last close, dealers added.

Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 24,790 (24,100) Gold (per 10 gm): Standard mint 99.5 purity: Rs 12,855 (12,585) Pure gold 99.9 purity: Rs 12,915 (12,635).

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