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Gold, silver set new record on firm global cues

Gold, silver set new record on firm global cues
PTI
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First Published: Sat, Apr 23 2011. 04 30 PM IST
Updated: Sat, Apr 23 2011. 04 30 PM IST
New Delhi: Continuing their record setting spree for the seventh straight day, silver surged by Rs2,000 to Rs72,000 per kg, while gold jumped by Rs230 to Rs22,320 per 10 grams on speculative trade driven by an overseas rally.
Trading sentiment in the domestic market was bullish after gold advanced to $1,512.47 in global markets as a weaker dollar and European debt concerns boosted the metals appeal as an alternative investment. Silver moved up by 2.1% to $47.25 an ounce, its highest since 1980.
The dollar slid to its lowest level since August 2008 against a basket of six major currencies this week on speculation that the US Federal Reserve will be slow to raise borrowing costs.
Standard and Poor’s this week cut its debt outlook for US to negative from stable.
On the domestic front, gold of 99.9 and 99.5% purity jumped by Rs230 each to Rs22,320 and Rs22,200 per 10 grams, respectively.
Sovereign followed suit and rose by Rs100 to a record level of Rs18,100 per piece of eight gram.
Continuing its rally, silver ready surged by Rs2,000 to Rs72,000 per kg and weekly-based delivery by Rs2,640 to Rs70,640 per kg.
Silver coins too sky-rocketed and added Rs3,000 to Rs78,000 for buying and Rs79,000 for selling of 100 pieces.
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First Published: Sat, Apr 23 2011. 04 30 PM IST
More Topics: Gold | Silver | Buliion | Markets | Commodity |