Silver continues upward rally, up by Rs 1950 on strong demand

Posted By: Staff
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Silver continues upward rally
New Delhi, Jan 21 (PTI) Continuing its upward streak for the sixth straight session, silver today rose further by Rs 1,950 to Rs 55,500 per kg on brisk buying by stockists and jewellers to meet the demand for the marriage season, driven by firming global cues.

Gold also recovered by Rs 75 to Rs 27,865 per 10 grams on fresh buying support amid a firming global trend. The trading sentiment for gold bolstered as it rose in global markets on increased demand for the precious metal and Silver jumped to a five-week high.

In New York, gold rose 0.6 per cent to USD 1,664 an ounce and silver climbed to USD 31.90 an ounce, the highest level since December 13. In addition, brisk buying by stockists and jewllers to meet the marriage season demand further fuelled the uptrend.

On the domestic front, silver ready maintained its upward journey for the six straight day and spurted by Rs 1,950 to Rs 55,500 per kg and weekly-based delivery by Rs 1,775 to Rs 55,500 per kg.

The metal has gained Rs 1,550 in the last five trading sessions. Silver coins followed suit and spurted by Rs 4,000 to 65,000 for buying and Rs 66,000 for selling of 100 pieces.

In line with a general firming trend, gold of 99.9 and 99.5 per cent purity recovered by Rs 75 each to Rs 27,865 and Rs 27,725 per 10 grams, respectively. It had lost Rs 170 in last two trading sessions.

Sovereigns remained steady at Rs 23,300 per piece of eight grams in restricted buying.


Read more about: silver, gold
Story first published: Saturday, January 21, 2012, 14:45 [IST]
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