Bullion at new highs, silver spurts 2.6% | business | Hindustan Times
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Bullion at new highs, silver spurts 2.6%

Both the precious metals surpassed all previous records to hit new highs on Monday. While gold surged Rs 200 to Rs 21,420 per 10 grams on rising seasonal demand, silver rose by Rs 1,250 to Rs 54,450 per kg on heavy buying by stockists and industrial units, amid firm global cues.

business Updated: Mar 08, 2011 01:52 IST

Both the precious metals surpassed all previous records to hit new highs on Monday. While gold surged Rs 200 to Rs 21,420 per 10 grams on rising seasonal demand, silver rose by Rs 1,250 to Rs 54,450 per kg on heavy buying by stockists and industrial units, amid firm global cues.

At the Multi Commodity Exchange counter, silver for delivery in December went up by R1,450, or 2.64%, to an all time high of Rs 56,450 per kg.

Trading sentiments for the yellow metal turned bullish on heavy buying support, following turmoil in Libya, surging crude oil prices and shifting of funds from weak stock markets to bullion on the domestic front.

Globally, gold gained 0.5% to $1,437.85 and silver increased 2.3 per cent to $36.40 an ounce, the highest since February, 1980.