Silver surges to Rs 58,300 on global cues

PTI New Delhi | Updated on May 10, 2011 Published on May 10, 2011


Both the precious metals, silver and gold, extended gains for the third straight session today on sustained buying by stockists and jewellers for the ongoing marriage season, amid a firming global trend.

Silver surged Rs 2,300 to Rs 58,300 per kg, while gold shot up by Rs 150 to Rs 22,420 per 10 grams.

Trading sentiment remained firm as the white metal bounced back from its worst weekly drop since 1975 in the global markets, after Standard and Poor’s cut Greece’s credit ratings by two levels to B, reigniting haven demand.

In the global markets, silver jumped by 2.1 per cent to $37.90 an ounce and gold rose $1.90 to $1,515 an ounce.

Besides, pick-up in seasonal demand further enthused the market sentiment to some extent.

At the domestic front, silver ready remained in hectic demand and rose by Rs 2,300 to Rs 58,300 per kg. It has shot up by Rs 2,800 in the previous two sessions. Silver weekly-based delivery also rose by Rs 1,635 to Rs 57,500 per kg.

Silver coins also spurted by Rs 2,500 to Rs 63,500 for buying and Rs 64,500 for selling of 100 pieces.

In line with a general firming trend, gold of 99.9 and 99.5 per cent purity climbed by Rs 150 each to Rs 22,420 and Rs 22,300 per 10 grams, respectively. It had gained Rs 150 in the last two trading sessions.

Sovereigns followed suit and added Rs 50 to Rs 18,450 per piece of eight grams.

Published on May 10, 2011
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