Gold, silver finish record-breaking year

Mumbai: Gold and silver concluded its final trading session of the record-setting year on a modestly positive note at the domestic bullion hub here today. The yellow-metal firmed up on sustained investment as well as jewellery demand supported by bullish overseas cues.

Silver too attracted some stray buying interest to move up marginally. Standard gold of 99.5 per cent purity added Rs 90 to end at Rs 27,190 per 10 grams from Friday`s close of Rs 27,100. Pure gold of 99.9 per cent purity also spurted by Rs 100 to close at Rs 27,330 per 10 grams from Rs 27,230.

Silver ready (.999 fineness) edged up to settle at Rs 50,970 per kg from Rs 50,965 on Friday. As year-2011 draws to a close, both the precious metals, gold and silver resumed their relentless upward march and stormed into record territory repeatedly throughout the year driven by jittery over uncertain macro economic environment and sharp volatility in stock market.

Incidentally gold remained the best investment option among other assets during the year due to multiple advantage factors such as strong liquidity and robust return, giving a massive appreciation in value terms. During the year, standard gold witnessed a phenomenal rise, surging by 32.09 per cent and pure gold also jumped by 32.16 per cent, while silver rose by 8.38 per cent.