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Gold, silver hit new high on strong global cues

Gold, silver hit new high on strong global cues
PTI
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First Published: Sat, Apr 09 2011. 03 49 PM IST
Updated: Sat, Apr 09 2011. 03 49 PM IST
New Delhi: Gold and silver zoomed to new all-time highs in the national capital on Saturday on hectic buying by stockists, triggered by a strong rally in overseas markets.
While silver continued its record-breaking spree of the last five sessions by gaining Rs2,150 to a fresh peak of Rs61,400 per kg, gold rallied by Rs225 to a record level of Rs21,545 per 10 grams on retail demand.
The trading sentiment remained bullish after the precious metals set record levels in global markets as a weakened dollar boosted demand for the precious metal as an alternative asset and inflation hedge.
In addition, buying for the ongoing ‘Navratra’ festival, considered to be an auspicious week in Hindu mythology for making new purchases, particularly precious metals, also influenced the trading sentiment.
Gold in global markets, which normally sets the price trend on the domestic front, surged by $16.60, or 1.14%, to $1,475 an ounce and silver by $1.29, or 3.25%, to $40.93 an ounce.
On the domestic front, silver ready continued its record- setting spree and shot up by Rs2,150 to Rs61,400 per kg, a level never seen before, while weekly-based delivery rose by Rs2,085 to Rs60,645 per kg.
Silver coins also advanced by Rs1,000 to a new record high of Rs66,500 for buying and Rs70,000 for selling of 100 pieces.
In line with the general firming trend, gold of 99.9 and 99.5% purity jumped by Rs225 to touched all-time high levels of Rs21,545 and Rs21,425 per 10 grams, respectively.
Sovereigns also gained Rs100 to Rs17,700 per piece of eight grams.
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First Published: Sat, Apr 09 2011. 03 49 PM IST
More Topics: Gold | Bullion | Silver | Commodities | Markets |