Silver price climbs Rs 800 a kg on global cues, gold down
Mumbai-India (July 9) Silver staged a strong comeback by surging Rs 800 to Rs 46,300 per kg at the bullion market today largely in line with a firm global trend amid increased offtake by industrial units and coin makers at domestic spot market.
However, gold extended its slide for a third day and lost Rs 150 at Rs 30,700 per ten grams as demand from jewellers at the domestic markets dried up considerably.
Silver fell by Rs 600 to Rs 45,500 per kg yesterday.
Traders said besides a firm trend overseas, pick-up in demand from industrial units and coin makers at domestic spot market mainly pushed up silver prices.
Widening of positions by speculators in anticipation of a further rise in its prices, also influenced white metal prices, they said.
Globally, silver traded higher by 3.08 per cent to $20.25 an ounce, while gold by 1.7 per cent to $1,339.20 an ounce in New York in yesterday's trade after the US economy added more jobs last month than forecast, reducing demand for the safe haven.
In the national capital, silver ready recaptured the crucial Rs 46,000-mark by climbing Rs 800 to Rs 46,300 per kg and while weekly based delivery reclaimed the Rs 47,000-mark by surging Rs 720 to Rs 47,485 per kg.
Silver coins, however, held steady at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
On the other hand, gold of 99.9 and 99.5 per cent purity fell further by Rs 150 each to Rs 30,700 and Rs 30,550 per ten grams respectively. Gold has fallen by Rs 350 in three straight days.
Sovereign, however, traded at previous level of Rs 23,400 per piece of eight grams.