Silver, gold prices maintain an upward rally on strong global cues

Written by Agencies | New Delhi | Updated: Feb 29 2012, 21:03pm hrs
Both the precious metals, silver and gold maintained an upward rally for the third straight day today on increased buying by stockists for the ongoing marriage season amid a firming global trend.

While silver spurted by Rs 2,050 to Rs 60,500 per kg on rising industrial units and coin makers demand, gold added Rs 120 to Rs 29,060 per ten grams.

Trading sentiment bolstered as the gold in New York climbed to three-month high as a weaker dollar spurred demand for the metal as an alternative investment.

Gold in global markets, which normally set price trend on the domestic front, shot up by 15.80 dollar to 1783.90 dollar an ounce and silver by 4.15 per cent to 36.93 dollar an ounce in New York last night.

In additions, increased buying by stockists and jewellers for the current marriage season, further fuelled the upswing in precious metals.

On the domestic front, silver which remained in demand since last two trading sessions, recorded a steep rise of Rs 2050 to Rs 60,500 per kg while weekly-based delivery by Rs 2520 to Rs 61,170 per kg.

Silver coins also sky-rocketed by Rs 2000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces on rising marriage season demand.

With the general firming trend, gold of 99.9 and 99.5 per cent purity maintained their upward march for the third straight day and climbed by Rs 120 each to Rs 29,060 and Rs 28,920 per ten grams respectively. The metal had gained Rs 75 in last two trading sessions. Sovereign followed suit and rose by Rs 50 to Rs 23,550 per piece of eight gram.