Gold continues to conquer new peaks

Mumbai, Nov 4 : Gold today zoomed to a new peak of Rs 16,630 with a gain of Rs 390 per ten gm, while Silver surged by a whopping Rs 1,080 per kg to settle at Rs 27,770 on brisk demand from industrial users, induced by high global advice, traders at the Bombay Bullion Association (BBA) said.

The yellow metal hit a historic high for the third consecutive day. With this, Gold has soared by Rs 645 per ten gm in the last three days.

Standard gold and pure gold opened at Rs 16,560 and Rs 16,640 per ten gm, up by Rs 320 and Rs 315 respectively from their overnight rates. At end of the session, standard gold and pure gold were quoted at Rs 16,630 and Rs 16,715 with a huge gain of Rs 390 per ten gm each.

Silver too opened firm at Rs 27,490, advancing by Rs 800 per kg.

The white metal kept up the gaining momentum and ended at Rs 27,770, zooming by Rs 1,080 per kg from its previous day's close, on speculative demand from industrial users.

Traders said the spurt in yellow metal was after reports that Reserve Bank of India bought 200 metric tonnes of gold from the International Monetary Fund.

In London and Asian markets, Gold was quoted at an all-time high of USD 1091.50/1091.52 per troy ounce, and Silver was recorded at USD 17.49/17.51 per troy ounce, traders added.

Following were the closing rates of spot silver and gold: Silver (per kg).999 grade : Rs 27,770 (26,690) Gold (per 10 gm): Gold 99.5 purity Standard mint : Rs 16,630 (16,240) Gold 99.9 purity Pure gold : Rs 16,715 (16,325)

--UNI

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