Wednesday, Nov 17, 2004
Wednesday, Nov 17, 2004 |
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MUMBAI, NOV. 16. Gold broke all previous records on the bullion market here today as standard and pure gold closed at all-time high of Rs. 6,505 and Rs. 6,540 per 10 grams respectively due to heavy stockists' buying in line with sharp rises in international prices. On the other hand, silver lacked necessary support and closed marginally lower. In the overseas market, gold had touched a 16-year high of $440.60 an ounce on Monday, but moved down later to $437 an ounce as dollar rose against the Euro, reducing the appeal of the metal as an alternative investment. However, dealers said the fall in the global prices was temporary and was expected to rise again during the week as dollar was tended to fall again. Standard gold (99.5 purity) opened at a new high of Rs. 6,495 and continued to rise on increased demand, before closing at a new record high of Rs. 6,505 per 10 grams, showing a good gain of Rs. 25 over the previous close of Rs. 6,480. Pure gold (99.9 purity) also resumed high at Rs. 6,530 and rose further on persistent support and closed at an all-time high of Rs. 6,540 per ten grams, showing a similar gain over last Friday's close of Rs. 6,515.
— PTI
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