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Silver shines at new high

If you are tempted by gold and silver trading at their highs, and want to invest, this could be the time to enter in precious metals, say experts.

business Updated: Sep 29, 2010 22:16 IST
HT Correspondent

If you are tempted by gold and silver trading at their highs, and want to invest, this could be the time to enter in precious metals, say experts. They forecast upward movement in the prices of both metals to continue in near future.

Silver rocketed to a new record high within a striking distance of the psychological R34,000-mark. Silver hardened by R710 per kg to end at R33,905 from overnight closing level of R33,195, while gold spurted by R145 per ten gram to finish at R19,255 on Wednesday in Mumbai bullion market.

“I do not see any major correction happening in the prices in near future. One can invest at these level keeping long term of 3-5 years in mind,” says Surya Bhatia, principal consultant, Asset Managers.

The sentiments at the World Gold Council are bullish. “The economic indications are all in favour of the gold prices and the current prices are expected to stay. In future too it is expected to surge further,” said a spokesperson at WGC.

“Of course, the gold prices will go higher,” says Ritesh Jain, Head, Fixed Income, Canara Robeco. “I see the price peaking to $1,400 between January and March. Currently investments from FII are fuelling the surge,” he adds.

“Demand for gold and silver will go up in short term especially around the festival reason,” said Alex Mathew, research head, Geojit BNP Paribas Securities.