Silver, gold extend rally on firm global cues

PTI New Delhi | Updated on April 19, 2011

Silver and gold continued their upward rally for the third straight session today on increased stockists buying on rising global trend.

Silver jumped by Rs 150 to set an all-time high level of Rs 64,450 per kg, while gold added Rs 165 to a new record of Rs 21,945 per 10 grams.

Trading sentiment remained bullish as gold surged to a record level in the global markets after Standard and Poor’s revised its US outlook to negative, boosting the appeal of the precious metals as a safe haven.

In the global markets, gold climbed to an all-time high of $1,498.80 an ounce and silver jumped to a 31-year high of $43.58 an ounce.

Besides, local buying by stockists and jewellers for the coming marriage season and volatile trade in equity markets further boosted the market sentiment.

At the domestic front, silver shot up by Rs 150 to a record level of Rs 64,450 per kg and weekly-based delivery by Rs 315 to Rs 63,525 per kg. Silver coins also set a record by adding Rs 500 to Rs 70,500 for buying and Rs 71,000 for selling of 100 pieces.

Similarly, gold of 99.9 and 99.5 per cent purity climbed by Rs 165 each to Rs 21,945 and Rs 21,825 per 10 grams, respectively, the levels never seen before. Sovereigns, too, shot up to a record level by gaining Rs 150 to Rs 17,900 per piece of eight grams.

Published on April 19, 2011

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