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Silver bounces back, up at Rs54,950; gold soars by Rs300

Silver bounces back, up at Rs54,950; gold soars by Rs300
PTI
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First Published: Fri, May 13 2011. 04 23 PM IST
Updated: Fri, May 13 2011. 04 23 PM IST
New Delhi: Both the precious metals, silver and gold, rose on Friday on stockists buying for the ongoing marriage season, amid a firming global trend. While silver staged a strong come back by gaining Rs1,650 to Rs54,950 per kg, gold surged Rs300 to Rs22,470 per 10 grams.
Trading sentiments turned better as gold advanced in global markets after growth in Germany, Europe’s largest economy, accelerated more than economists forecast in the first quarter, driving the dollar lower. Silver also climbed.
In global markets, gold rose by 0.6% to $1.514.20 an ounce and silver by 2.7% to $35.73 an ounce.
Some buying by retailers at existing low levels for the ongoing marriage season further fuelled the uptrend.
On the domestic front, gold of 99.9% and 99.5% purity flared up by Rs300 each to Rs22,470 and Rs22,350 per 10 grams, respectively. It had lost Rs410 in the previous session.
Sovereigns followed suit and gained Rs100 to Rs18,500 per piece of eight grams.
Silver ready staged a strong come back and recovered sharply by Rs1,650 to Rs54,950 per kg, after losing Rs7,200 on Thursday and weekly-based delivery by Rs1,950 to Rs54,250 per kg from Thursday’s fall of Rs7,440.
Silver coins, too, jumped up by Rs3,500 to Rs61,000 for buying and Rs62,000 for selling of 100 pieces.
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First Published: Fri, May 13 2011. 04 23 PM IST
More Topics: Gold | Buliion | Markets | Commodity | MCX |