Industrial buying lifts silver; gold loses edge
Spot silver prices shot up across the board on fresh bout of demand from industrial users, supported by a firm advice from London.
By TNN |
MUMBAI: Silver and gold moved into opposite direction at the local bullion market on Wednesday on divergent reasons. Spot silver prices shot up across the board on fresh bout of demand from industrial users, supported by a firm advice from London.
Gold on the other hand moved narrowly and showed a mixed trend at different centres. The metal lost sheen in Mumbai in line with global trend, while the metal improved marginally in Delhi, Kolkata and Chennai.
In Delhi, spot silver (.999) gained the most, where it soared to Rs 19,600 per kg, revealing a gain of Rs 300 in a single day. In Mumbai, the metal rose by Rs 110 to Rs 19,695 per kg. In Chennai, the metal traded Rs 90 higher to settle at Rs 19,580, followed by Kolkata, where spot silver edged higher by Rs 75 before closing at Rs 19,400 per kg.
In London, spot silver was quoted higher at $13.23 per ounce from the overnight closing level of $13.10. In Mumbai, spot gold (99.5) opened the day on subdued note due to buyers’ resistance at higher level and the metal closed Rs 10 lower at Rs 9,200 per 10 gm.
Pure gold (99.9) also fell by similar margin and closed Rs Rs 9,250 per 10 gm. In London, the precious metal lost some sheen due to marginal rise in the dollar against the euro. Spot gold lost early gains and fell to $633.7/634.7 an ounce, after hitting a high of $640.9 an ounce.
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In Delhi, however, yellow metal showed a positive trend and ended Rs 40 higher at Rs 9,310 per 10 gm on some support at the lower level. In Chennai, the metal improved by Rs 30 before ending at Rs 9,350 and in Kolkata, it also closed Rs 25 higher at Rs 9,365 per 10 gm.Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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