Silver, Gold Maintain Upward Rally on Strong Global Cues

Bangalore: Both the precious metals, silver and gold maintained an upward rally for the third straight day on the bullion market on Wednesday on increased buying by stockists for the ongoing marriage season amid a firming global trend.

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

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

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

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

On the domestic front, silver ready which remained in demand since last two trading sessions, recorded a steep rise of 2,050 to 60,500 per kg while weekly-based delivery rose by 2,520 to 61,170 per kg.

Silver coins also sky-rocketed by 2,000 to 74,000 for buying and 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 120 each to 29,060 and 28,920 per ten grams respectively. The metal had gained 75 in last two trading sessions. Sovereign followed suit and rose by 50 to 23,550 per piece of eight gram.