Silver scales new high of Rs 53,200 on global cues

PTI New Delhi | Updated on March 05, 2011

Silver set a new record today by rising Rs 1,600 to Rs 53,200 per kg on brisk buying by speculators amid a firm global trend. Gold also surged by Rs 175 each to Rs 21,220 per 10 grams on increased demand for the ongoing marriage season.

In the global markets, silver rose to a 31-year-high level of $35 an ounce. Trading sentiment for the yellow metal turned bullish on mounting tension in Libya, increasing its appeal as an alternate investment. It rose by $17.50 to $1432.80 an ounce.

At the domestic front, silver ready rallied by Rs 1,600 to an all-time high of Rs 53,200 per kg and silver weekly-based delivery shot up by Rs 655 to Rs 52,300 per kg.

Similarly, gold of 99.9 and 99.5 per cent purity surged by Rs 175 each to Rs 21,220 and Rs 21,100 per 10 grams, respectively. However, silver coins continued to be asked at the previous levels of Rs 55,800 for buying and Rs 56,300 for selling of 100 pieces in limited deals.

Sovereign also traded up by Rs 100 to Rs 17,300 per piece of eight grams.

Published on March 05, 2011

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