Silver strengthens again during the week

PTI New Delhi | Updated on March 05, 2011

Seized siver bars

Silver having setting records, remained unabated for the second straight week in the bullion market as prices rose to an all-time high of Rs 53,200 a kg on hectic buying by stockists and speculators triggered by firming global trend.

Gold also peaked at Rs 21,270 for 10 grams before yielding moderate ground on profit selling by stockists and a similar global trend.

In global markets, silver rose to a 31-year high level of $35 an ounce and gold to $1,441.80 an ounce following mounting tension in Libya, increasing its appeal as an alternate investment. Besides, retail customers buying for the ongoing marriage season further influenced the trading sentiment.

On the domestic front, silver ready commenced higher on fresh buying support and continued to set record high levels in day-to-day trading on constant buying by stockists and speculators and ended at Rs 53,200 a kg, a significant rise of Rs 2,950 from the previous week.

Similarly, the silver weekly-based delivery spurted by Rs 2,630 to Rs 52,300 a kg. Silver coins too zoomed up by Rs 1,300 to Rs 55,800 for buying and Rs 56,300 for selling of 100 pieces. Silver coins are mostly used for gifting purpose during the marriage season.

In line with general firming trend, the gold of 99.9 and 99.5 per cent purity after touching a record level of Rs 21,270 and Rs 21,150 for ten grams respectively, eased to settle at Rs 21,220 and Rs 21,100 for 10 grams, still higher by Rs 50 each. Sovereign also saw demand and advanced Rs 100 to Rs 17,300 for piece of eight grams.

Published on March 05, 2011

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