Commodities

Silver hits record high of Rs 50,500

PTI New Delhi | Updated on February 24, 2011 Published on February 24, 2011

Sterling Silver artefacts by M & M at Poompuhar, Anna Salai, Chennai. File Photo - V. Ganesan

Silver crossed the coveted Rs 50,000 per kg mark today rising by Rs 1,200 to Rs 50,500 per kg, while gold surged to an all-time high of Rs 21,240 per 10 grams, an increase of Rs 300 from its previous close, on brisk buying by jewellers for the ongoing marriage season.

Trading sentiment turned bullish for the yellow metal as it fluctuated near a seven-week high in the global markets on concerns that tensions in Libya and West Asia and high inflation will boost the demand for the metal as a safe haven.

In the global markets, gold rose by $12.70 to $1,411.70 an ounce and silver to its highest in 31 years by 1.45 per cent to $33.54.

Besides, hectic buying by jewellers and retail customers for the ongoing marriage season and investors shifting funds from equity to bullion, further bolstered the trading sentiment.

At the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 300 each to Rs 21,240 and Rs 21,110 per 10 grams, respectively. Sovereign followed suit and shot up by Rs 200 to Rs 17,200 per piece of eight grams.

With all-round buying, silver ready zoomed by Rs 1,200 to Rs 50,500 per kg and weekly-based delivery by Rs 1,520 to Rs 50,650 per kg.

Silver coins also surged by Rs 700 to Rs 54,600 for buying and Rs 54,700 for selling of 100 pieces.

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Published on February 24, 2011
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