Precious metals hit new highs

PTI New Delhi | Updated on April 09, 2011

Silver maintained its record-breaking gains by hitting a fresh peak of Rs 61,400 per kg, while gold rallied to a record level of Rs 21,545 per 10 grams.

Gold and silver zoomed to new all-time highs in the national capital on Saturday on hectic buying by stockists, triggered by a strong rally in overseas markets.

Silver continued its record-breaking spree of the last five sessions by gaining Rs 2,150 to a fresh peak of Rs 61,400 per kg, while gold rallied by Rs 225 to a record level of Rs 21,545 per 10 grams on retail demand.

The trading sentiment remained bullish after the precious metals set record levels in global markets as a weakened dollar boosted demand for the precious metal as an alternative asset and inflation hedge.

In addition, buying for the ongoing “Navratra” festival, considered to be an auspicious week in Hindu mythology for making new purchases, particularly precious metals, also influenced the trading sentiment.

Gold in global markets, which normally sets the price trend on the domestic front, surged by $16.60, or 1.14 per cent, to $1,475 an ounce and silver by $1.29, or 3.25 per cent, to $40.93 an ounce.

On the domestic front, silver ready continued its record- setting spree and shot up by Rs 2,150 to Rs 61,400 per kg, a level never seen before, while weekly-based delivery rose by Rs 2,085 to Rs 60,645 per kg.

Silver coins also advanced by Rs 1,000 to a new record high of Rs 66,500 for buying and Rs 70,000 for selling of 100 pieces.

In line with the general firming trend, gold of 99.9 and 99.5 per cent purity jumped by Rs 225 to touched all—time high levels of Rs 21,545 and Rs 21,425 per 10 grams, respectively.

Sovereigns also gained Rs 100 to Rs 17,700 per piece of eight grams.

Published on April 09, 2011

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