Silver price rallies Rs 800/kg on global cues; Gold steady

Mumbai-India (Jub 29)  Buoyed by a firming trend overseas and increased buying by coin makers, silver recorded a hefty rise of Rs 800 to close at Rs 42,910 per kg at the bullion market today.

On the other hand, gold held steady in absence of any worth-while buying activity by jewellers at prevailing levels, even as the metal strengthened overseas.

Traders attributed sharp rise in silver prices to a firming trend overseas and increased demand from industrial units and coin makers.

Globally, silver traded higher by 2.54 per cent to $ 18.20 an ounce while gold rose 0.8 per cent to $ 1,321.57 an ounce and in Singapore.

In the national capital, silver ready spurted by Rs 800 to Rs 42,910 per kg and weekly-based delivery by a similar margin to Rs 42,700.

Tracking silver, its coins, also flared up by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces in line with a silver trend.

Gold of 99.9 per cent and 99.5 per cent purity were flat at Rs 30,250 and Rs 30,100 per 10 grams, respectively.

 Sovereign followed suit and enquired at previous level of Rs 23,300 per piece of 8 grams.

Source: FinancialExpress