Gold sets fresh record high

Mumbai, Mar 15 (UNI) Pure gold today zoomed to a historic high of Rs 13,170 per ten gm, while silver also improved and ended at Rs 25,225 per kg, traders at the Bombay Bullion Association (BBA) said.

Gold inched up by Rs 80 per ten gm and silver by Rs 205 per kg, traders added.

Over the past three days, silver has jumped by Rs 725 per kg, while gold has advanced by Rs 385 per ten gm.

Speaking to UNI, BBA President Suresh Hundia said the rising price of oil in the international market and the decline in US Dollar are the factors behind rising price of metals. Yesterday, the Dollar hit a record low against Euro.

In February 2007, India imported around 62 tonnes of gold and this year in February, only 10 tonnes were imported.

The yellow metal will reach upto Rs 13,500 by the end of this month, Mr Hundia opined.

Standard gold (99.5 purity) opened upward at Rs 13,090 per ten gm and pure gold (99.9 variety) at Rs 13,145 per ten gm on better buying support.

Later, standard and pure gold slightly improved and closed at Rs 13,110 and Rs 13,170 respectively, with a gain of Rs 80 each from their previous close.

Silver (.999 fineness) variety resumed upward at Rs 25,225 per kg on physical buying and finished without any improvement Following are the spot silver and gold closing prices: Silver (per kg) .999 grade: Rs 25,225 (25,020) Gold (per 10 gm): Standard mint 99.5 purity: Rs 13,110 (13,030) Pure gold 99.9 purity: Rs 13,170 (13,090).

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