Silver rises to Rs56,000 on global cues, gold up by Rs70

Silver rises to Rs56,000 on global cues, gold up by Rs70

New Delhi: Both the precious metals, silver and gold, strengthened on Monday on stockists and speculators buying in line with a firming global trend and rising seasonal demand. While silver gained Rs500 to Rs56,000 per kg, gold rose by Rs70 to Rs22,270 per 10 grams.

Buying activity gathered momentum on a firming global trend, after silver rebounded from its worst weekly slump since at least 1975 on speculation investors returning to commodity markets and the dollar weakened.

Silver in global markets, which normally sets a price trend on the domestic front, jumped 2.9% to $36.31 an ounce after plunging 27% last week and gold rose by 0.6% to $1,504.80 an ounce.

Besides, pick up in buying by retailers and stockists for the ongoing marriage season further fuelled the uptrend.

In the national capital, silver ready strengthened by Rs500 to Rs56,000 per kg and weekly-based delivery by Rs965 to Rs55,865 per kg.

However, silver coins lacked necessary follow up support and fell by Rs2,000 to Rs61,000 for buying and Rs62,000 for selling of 100 pieces.

Gold 99.9 and 99.5% purity seen in demand and advanced by Rs70 each to Rs22,270 and Rs22,150 per 10 grams, respectively. Sovereigns gained Rs100 to Rs18,400 per piece of eight grams.