Gold at new peak, silver plunges
Yellow metal prices maintained their upward march on the bullion market on steady buying by retailers and set a new record.india Updated: Feb 01, 2006 16:39 IST
Yellow metal prices maintained their upward march on the bullion market on Wednesday on steady buying by retailers and set a new record of Rs 8,210 per ten grams.
Gold prices strengthened in domestic market on retail customers and jewellers' buying to meet the ongoing wedding demand, which also discounted reports of a fall in Asian markets.
In overseas markets, gold fell $1.31 to $567.59 an ounce. It had earlier fallen $2.75 to $566.15 an ounce in the US market last evening, after touching $572.75, its highest level in 25 years.
Standard gold and ornaments gained another Rs 10 each at Rs 8,210 and Rs 8,060 per ten grams respectively on increased demand from retailers. Sovereign followed suit and quoted higher by Rs 25 at Rs 6,300 per piece of eight gram.
The white metal met with fresh selling by stockists and plunged. Silver ready dropped by Rs 250 to settle at Rs 13,650 per kilo and weekly-based delivery by Rs 25 at Rs 13,785 per kilo.
Silver coins were unchanged at Rs 17,500 for buying and Rs 17,600 for selling of 100 pieces.