Silver bounces from 5-day losing streak, gold remains strong | business | Hindustan Times
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Silver bounces from 5-day losing streak, gold remains strong

business Updated: Jun 29, 2011 15:43 IST
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Snapping a five-day losing streak, silver prices added Rs 650 to Rs 52,150 per kg on Wednesday on brisk buying by stockists and speculators amid firming global trend.

Gold also rose for the second straight day by adding Rs 150 to Rs 22,440 per 10 grams on local buying supported amid a firm trend in overseas market.

Silver coins followed suit and spurted by Rs 1,000 to Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.

The trading sentiment turned bullish after precious metals gained in global markets as concern about Greece's debt woes and a weaker dollar spurred demand for the metals as an alternative investment.

While the yellow metal rose by $6 to $1,507.40 an ounce overseas, silver gained 1.1% to $34.31 an ounce.

Additionally, some local buying for the ongoing marriage season further fuelled the uptrend.

On the domestic front, silver ready, which remained under selling pressure during the last five trading session and lost Rs 3,300, rebounded by Rs 650 to Rs 52,150 per kg.

Similarly, the silver weekly-based delivery surged by Rs 1,495 to Rs 52,175 per kg on speculative buying.

Similarly, gold of 99.9 and 99.5% purity climbed by Rs 150 each to Rs 22,440 and Rs 22,320 per 10 grams, respectively. The metal had gained Rs 55 on Tuesday.

However, sovereigns remained steady at Rs 18,600 per piece of eight grams.