Gold, silver prices at new peak

Precious metals closed at new historic highs at the Bullion market in Mumbai on Monday as silver zoomed by a whopping Rs 570 to end at Rs 19,890 and gold firmed up by Rs 30 to close at Rs 8,855 due to heavy buying in anticipation of steep rise in global prices when markets open on Monday.

Dealers said stockists and local jewellers expected the precious metals to open sharply higher in the international front when markets open on Monday after a long weekend.

"It is a wise decision to buy the precious metals at the current rate as prices in the global market would resume sharply higher when they reopen on Monday after a three-day holiday, a local dealer said.

Most international markets were closed on Friday on account of Good Friday.

Standard gold (99.5 fineness) opened at a new high of Rs 8,855 and after moving in a narrow range, closed at the same level, showing a good gain of Rs 30 over the previous close of Rs 8,830.

Pure gold (99.9 purity), after a firm start at Rs 8,900, rose further on persistent demand and closed at a new high of Rs 8,905, revealing a similar gain over yesterday's close of Rs 8,875.

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