Silver rises further to Rs54200 on global cues,gold up by Rs70
Silver extended gains for the third straight day by adding Rs 150 to Rs 54,200 per kg today on increased buying by stockists in tandem with a firming global trend.business Updated: May 20, 2011 16:54 IST
Silver extended gains for the third straight day by adding Rs 150 to Rs 54,200 per kg today on increased buying by stockists in tandem with a firming global trend.
Gold also recovered by Rs 70 to Rs 22,370 per 10 grams, driven by the ongoing marriage season demand. Buying activity gathered momentum after gold advanced in global markets as financial turbulence in Europe deepened and the dollar weakened, spurring demand for precious metals as a store of value. Gold in global markets, which normally sets a price trend on the domestic front, rose by 0.5% to $1,500.10 an ounce and silver by 0.8% to $35.28 an ounce.
On the domestic front, silver ready advanced by Rs 150 to Rs 54,200 per kg. It had gained Rs 850 in the last two trading sessions. Similarly, the silver weekly-based delivery jumped up by Rs 260 to Rs 53,810 per kg. However, silver coins continued to be asked around previous levels of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.
In line with a general firming trend, gold of 99.9 and 99.5% purity recovered by Rs 70 each to Rs 22,370 and Rs 22,250 per 10 grams, respectively, while sovereigns remained stable at Rs 18,500 per piece of eight grams in limited deals.