Silver follows global course, zooms past Rs 20k-mark
Spot silver prices forged ahead further across the board on firm international trend, which attracted heavy enquiries from stockists and jewellery fabricators in the domestic market.
By TNN |
MUMBAI: Spot silver prices forged ahead further across the board on firm international trend, which attracted heavy enquiries from stockists and jewellery fabricators in the domestic market. The metal crossed the psychological figure of Rs 20,000 mark after a gap of more than three months in Mumbai.
Silver was in demand among industrial units and silver coin after reports of fall in Mexico’s output, sources in the market said. Mexico’s June production slumped 18.3% on year to 182,282 kg. Mexico is the world’s largest producer of the white metal.
In other precious metal, gold recovered some of its recent losses on brisk buying, supported by higher global prices. However, there was no physical demand with the beginning of the Shradh period. Generally, Shradh period is considered as inauspicious for making purchases. And consumers avoid this period. The year period will last from September 8 to September 23.
In Mumbai, ready silver (.999) gained the most in Kolkata, where its prices shot up by another Rs 250 to Rs 19,500 per kg. In Mumbai, the metal rose to Rs 20,010, a fresh gain of Rs 190 over the previous close of Rs 19,820.
Similarly, in Delhi spot silver rose further on sustained buying by industrial units and coin manufacturers and recorded a gain of Rs 100 at Rs 19,600 per kg. In London, spot silver rose as high as $13.14 an ounce, the highest since May 30, against $13.03/13.10 in London on Monday. It was last traded at $13.12/13.19 an ounce.
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In yellow metal, standard gold (99.5) improved by Rs 40 per 10 gm in Mumbai, before closing at Rs 9,475. Pure variety also closed Rs 40 higher at Rs 9,525 on brisk buying.Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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