Silver hits two-year high on global cues, rallies Rs 960/kg

Saturday, Jul 2, 2016,17:00 IST By Metrovaartha A A A

New Delhi | Riding high on strong global cues and continued buying by industrial units and coin makers, silver prices cracked the Rs 45,000-mark today by surging Rs 960 per kg to trade at a two-year high of Rs 45,560. This was the fifth straight day of rise for the commodity.

On the other hand, gold held steady in absence of any worthwhile buying by jewellers at prevailing levels, even as the precious metal strengthened overseas. Bullion traders attributed the rise in silver prices to a firming trend overseas, where it surged to its highest level since August 2014, as Britain’s vote to leave the EU fuelled speculations that central banks around the world will boost economic stimulus.

Moreover, increased offtake by domestic industrial units and coin makers too buoyed sentiment, they added. Globally, silver climbed 5.2 per cent to USD 19.58 an ounce and gold advanced 1.4 per cent to USD 1,339 an ounce in New York in yesterday’s trade. In the national capital, silver ready extended gains for a fifth straight day by surging Rs 960 to trade at Rs 45,560 per kg, its highest level since July 14, 2014 when it stood at Rs 45,600 per kg.

Silver weekly-based delivery to continued its upward journey and edged up by Rs 30 to Rs 45,200 per kg. Silver coins, however, held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

However, gold of 99.9 and 99.5 per cent purity held steady at Rs 30,550 and Rs 30,400 per ten grams respectively. Sovereign followed suit and ended flat at Rs 23,400 per piece of eight gram.