Traders said the buying activity was purely of speculative nature as the precious metals in overseas markets rallied to records as investors sought to protect their wealth against accelerating inflation and a weak dollar
New Delhi: Gold and silver continued their winning streak for the seventh session today on brisk buying by speculators, amid a firming global trend. While gold added Rs60 and climbed to a new high of Rs22,380 per 10 grams, silver shot up by Rs2,300 to a record Rs74,300 per kg, reports PTI.
Silver coins also zoomed up by Rs2,500 to new peaks of Rs80,500 for buying and Rs81,500 for selling of 100 pieces.
In the last seven trading sessions, silver has gained Rs 11,100 and gold has added Rs 610.
Traders said the buying activity was purely of speculative nature as the precious metals in overseas markets rallied to records as investors sought to protect their wealth against accelerating inflation and a weak dollar.
In overseas markets, gold climbed to a record high level of $1,518 an ounce and silver surged to $49.79 an ounce, beating the previous peak set in 1980.
The global factor is driving the bullion to record levels only in day-to-day trading but there is hardly any physical purchases by retailers and jewellers, traders said.
The upsurge was further boosted as the precious metal in futures trading on the Multi Commodity Exchange maintaining its bullish mood and climbed to records.
Scattered small buying in silver by industrial units is another encouraging factor to some extent, they added.
On the domestic front, silver ready spurted by Rs2,300 to Rs74,300 per kg and weekly-based delivery by Rs2,160 to Rs72,800 per kg.
Similarly, gold of 99.9 and 99.5 per cent purity added Rs60 each to Rs22,380 and Rs22,260 per 10 grams, respectively.
Sovereigns shot up by Rs100 to new peak of Rs18,200 per piece of eight grams.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
