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Business News
Monday, April 5, 2004
Silver ends at historic high; Edible oil, gold dip, sugar rises
Mumbai, Apr 4 (UNI) Silver touched a historical high again and edible oil, key seeds and gold prices witnessed a downward trend during the week-ended April 3, traders at the local various commodity markets said here today. However, sugar ruled better.
During the week, except bullion, the other wholesale markets remained closed on April 3 on account of Mahavir Jayanti, traders informed.
Silver touched a historical high at Rs 12,115 per kg, while gold lost glitter at Rs 6,050 per 10 gms.
The spot price of silver .999 fineness grade crossed the magical Rs 12,000-mark per kg during mid-week and finally closed on a new peak at Rs 12,115 per kg with handsome gains of Rs 290 during the week, traders said. Meanwhile, white metal established a new historical high at Rs 12,270 on April 2.
The white metal price rallied smartly mainly on bullish advice from international and upcountry markets, traders said. There was good local marriage demand from jewellers as well.
The price opened on a week high at Rs 11,995 per kg on March 29 on fresh demand from local dealers. Later, the price fluctuated in a wide range during the week.
Traders received bullish reports from foreign markets of London, New York, Hong Kong and others. The white metal, however, was crossed USD 8 level and it was quoted higher at around USD 8.13/8.15 per troy ounce for the week-ended April 2 from its previous weekend's finish of around USD 7.80/7.82, before it was highest at USD 8.55 per troy ounce on mid-week.
There was sustained demand from jewellers due to the ongoing marriage season and also because of lesser arrival of old gold and silver ornaments in the domestic market since the last few days, traders at the Bombay Bullion markets here said.
Prices of spot standard mint gold 99.5 purity grade and gold 99.9 purities quoted below Rs 6,100 mid-week. Both the prices fluctuated in narrow range during the week. The prices, however, plummeted by Rs 70 per 10 gm, during the week.
Gold standard mint 99.5 purity grade and gold 99.9 purity grade varieties closed lower at Rs 6,050 and Rs 6,090 per 10 gm on week-ended April 2.
Traders said that the domestic demand was thin mainly from jewellers and also due to weak price movement in the global markets.
The yellow metal was quoted below USD 400 level per troy ounce and it touched a low at around USD 421.35/422.85 per troy ounce on April 2 from its earlier week rates of USD 423.25/425.55 per troy ounce.