e-cigarette review NEWS: Silver hits another historic high, gold surges

Monday, February 21, 2011

Silver hits another historic high, gold surges

MUMBAI: Silver prices jumped further to create yet another historical high and came within a striking distance of psychologically important Rs 50,000 per kg level at the bullion market here today on aggressive speculations and stockists' driven buying spree.

Gold too surged owing to consistent buying by stockists and jewellers amidst good retail off-take.

"Trading sentiment turned highly bullish after the precious metals hit multi-month highs in overseas trade on concerns over spreading unrest in the Middle East fuelling safe-haven bet," traders said.

The sudden spurt was mainly attributed to rising global valuations as trading resumed on domestic market after a stretched weekend (Saturday being a state holiday), as speculators were not able to take positions, they added.

Silver ready (.999 fineness) zoomed by massive Rs 1,975 per kg to end at Rs 49,955 from last Friday's closing level of 47,980.

Standard gold (99.5 per cent purity) spurted by Rs 165 per 10 grams to close at Rs 20,595 from Rs 20,430 previously.

Pure gold (99.9 per cent purity) also rose by Rs 160 per 10 grams to conclude at Rs 20,695 as against Rs 20,535 last Friday.

In Europe, spot gold was bid at USD 1,399.60 in early trade as against USD 1,388.58 late in New York on Friday.

Silver was bid at USD 33.36 as compared to USD 32.46 an ounce.


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