Commodities

Silver surges to Rs 57,000/kg on firm global cues

PTI New Delhi | Updated on April 04, 2011

jewellery

Surpassing all the previous records, silver rose to a new peak today rising by Rs 600 to Rs 57,000 per kg on heavy buying by stockists and speculators amid a firming global trend. Gold, also, surged by Rs 55 to Rs 21,120 per 10 grams.

Traders said heavy buying by stockists and jewellers to meet the ‘Navratra’ festival demand and reports of a rising trend in the global markets mainly took silver prices to a record level.

Beginning of Navratra, considered to be an auspicious week for making new purchases, particularly silver coins, also fuelled the uptrend, they said.

In the global markets, silver rose 1.32 per cent to $38.33 an ounce and gold by $5.10 to $1,434 an ounce in Asia.

At the domestic front, silver surged by Rs 600 to an all-time high of Rs 57,000 per kg and silver weekly delivery jumped up by Rs 655 to Rs 56,575 per kg.

Silver coins skyrocketed by Rs 1,000 to Rs 62,500 for buying and Rs 63,000 for selling of 100 pieces on hectic demand.

Similarly, gold of 99.9 and 99.5 per cent purity recovered by Rs 55 each to Rs 21,120 and Rs 21,000 per 10 grams, respectively. Sovereigns remained steady at Rs 17,500 per piece of eight grams in restricted trade.

Published on April 04, 2011

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