Silver scales new peak at Rs 50,700 on global cues, gold dips | business | Hindustan Times
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Silver scales new peak at Rs 50,700 on global cues, gold dips

business Updated: Mar 01, 2011 17:42 IST

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Silver climbed a new high by adding Rs 150 to Rs 50,700 per kg on the bullion market on Tuesday on heavy speculative buying, amid firm global trends. However, gold slipped by Rs 110 to Rs 21,070 per 10 grams, due to sluggish demand at existing high levels.

Traders said firming trends in silver prices at futures trading further fuelled the uptrend.

On the other hand, gold declined on lack of demand at existing high levels, they said.

Silver in global markets, which normally sets a price trend on the domestic front, gained 0.7 per cent to USD 34.11 an ounce.

On the domestic front, silver ready remained on record making spree and added another Rs 150 to set a new peak of Rs 50,700 per kg. It had gained Rs 300 in the previous session.

Similarly, the silver weekly-based delivery sky-rocketed by Rs 755 to record high of Rs 51,200 per kg. It had climbed by Rs 775 on Monday.

Silver coins also traded higher by Rs 100 to Rs 54,600 for buying and Rs 500 to Rs 55,100 for selling of 100 pieces.

Gold of 99.9 and 99.5% purity fell by Rs 110 each to Rs 21,070 and Rs 20,950 per 10 grams, respectively. Sovereign continued to be asked around previous level of Rs 17,200 per piece of eight grams.