Silver makes new record at Rs 74,300, gold shoots up by Rs 60 | business | Hindustan Times
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Silver makes new record at Rs 74,300, gold shoots up by Rs 60

business Updated: Apr 25, 2011 16:11 IST

Gold and silver continued their winning streak for the seventh session today on brisk buying by speculators, amid a firming global trend. While gold added Rs 60 and climbed to a new high of Rs 22,380 per 10 grams, silver shot up by Rs 2,300 to a record Rs 74,300 per kg.

Silver coins followed suit and zoomed up by Rs 2,500 to new peaks of Rs 80,500 for buying and Rs 81,500 for selling of 100 pieces.

In the last seven trading sessions, silver has gained Rs 11,100 and gold has added Rs 610.

Traders said the buying activity was purely of speculative nature as the precious metals in overseas markets rallied to records as investors sought to protect their wealth against accelerating inflation and a weak dollar.

In overseas markets, gold climbed to a record high level of $1,518 an onuce and silver surged to $49.79 an ounce, beating the previous peak set in 1980.

The global factor is driving the bullion to record levels only in day-to-day trading but there is hardly any physical purchases by retailers and jewellers, traders said.

The upsurge was further boosted as the precious metal in futures trading on the Multi Commodity Exchange maintaining its bullish mood and climbed to records.

Scattered small buying in silver by industrial units is another encouraging factor to some extent, they added.

On the domestic front, silver ready spurted by Rs 2,300 to Rs 74,300 per kg and weekly-based delivery by Rs 2,160 to Rs 72,800 per kg.

Similarly, gold of 99.9 and 99.5% purity added Rs 60 each to Rs 22,380 and Rs 22,260 per 10 grams, respectively. Sovereigns shot up by Rs 100 to new peak of Rs 18,200 per piece of eight grams.