Monday, April 25, 2011

Silver continues to sizzle, breaches 75,000/kg mark; gold eases

MUMBAI: Extending its unprecedented rally, silver zoomed to scale the Rs 75,000 a kg mark at the domestic bullion market here on hectic speculative activity on the back of frantic investment buying spree.

Gold, however, eased on subdued buying from stockists and jewellers.

The white metal is witnessing a global rally amid speculation of supply shortage. Furthermore, successful launching of E-silver by National Spot Exchange Ltd (NSEL) has sharply boosted the speculative nature of the metal.

Silver ready (.999 fineness) vaulted by a whopping Rs 2,040 per kg to end at Rs 75,020 from weekend closing level of Rs 72,980.

However, standard gold (99.5 purity) slipped by Rs 35 per 10 grams to finish at Rs 21,995 from Rs 22,030 in the previous session.

Pure gold (99.9 purity) fell by Rs 30 per 10 grams to Rs 22,105 as against Rs 22,135 on last Saturday.

Silver jumped more than 5 per cent in Singapore and gold rose to a record in early trade as investors sought shelter against a weaker dollar. 

Source : ET

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