Gold prices zoom

MUMBAI, MAY 19. Gold prices zoomed to a 14-month high on the bullion market here today when standard gold touched Rs. 4,600 per ten grams on heavy stockist buying on expectations of a further rise in international prices.

The 22-carat gold and ten-tola gold bar also closed with handsome gains.

Marketmen expected global prices to firm up further following good response to the Bank of England (BoE) gold auction on Tuesday coupled with the 50 basis points cut in the Fed interest rate, traders said.

Last year, standard gold had touched a high of Rs. 4,825 in February and remained above the Rs. 4,600 mark till the BoE gold auction in March. Thereafter, it started to fall on fresh offering along with weak overseas advices.

Silver also skyrocketed on heavy industrial buying amidst thin supply and better London advices.

Standard gold opened remarkably higher at Rs. 4,600 and later, eased to end at Rs. 4,575, still showing an impressive rise of Rs. 145 over yesterday's close of Rs. 4430. 22-carat gold displayed a sharp rise of Rs. 130 at Rs. 4,230 from the last close of Rs. 4,100.

Ready silver (.999 fineness) resumed steeply higher at Rs. 7,580, but failed to maintain the initial firmness and closed at Rs. 7,530, however showed a steep rally of Rs. 95 over the last close of Rs. 7,440. Raw silver (.916 fineness) shot up by Rs. 100 to Rs. 7,420 from yesterday's close of Rs. 7,320 and tenderable silver rallied to Rs. 7,540 from Rs. 7,445.

- PTI

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