Silver on a roll, but gold takes a break
Spot silver prices soared further across the board on Thursday on sustained demand from stockists and closed Rs 430 higher at Rs 18,910 per kg in Mumbai. Gold, however, after touching Rs 10,000 per 10 gm on Wednesday, melted slightly.
By TNN |
MUMBAI: Spot silver prices soared further across the board on Thursday on sustained demand from stockists and closed Rs 430 higher at Rs 18,910 per kg in Mumbai. Stockists and jewellery fabricators were on a buying spree ahead of forthcoming festival season.
Gold, however, after touching Rs 10,000 per 10 gm on Wednesday, melted slightly as investors took profits after a fall in international prices.
However, market sentiment was bullish despite a fall in prices. Analysts said a softer dollar and contunued violence in West Asia have kept the hope alive.
The dollar erased earlier gains and fell against the euro after the European Central Bank and Bank of England both raised interest rates by a quarter percentage point and signalled that further tightening may be needed to control inflation, agency report said quoting dealers as saying.
Even in the domestic market, trend was not similar. While profit-booking pulled down prices in Mumbai and Kolkata, the metal, on the other hand, extended gains in Delhi and Chennai on the back of stockists’ buying.
In silver, Chennai gained the most, where spot (.999) prices shot up by another Rs 555 at Rs 19,135 per. In Mumbai, the metal closed at Rs 18,910, after adding Rs 430. In Delhi, ready silver, gaining Rs 600 on Wednesday, advanced further by Rs 400 at Rs 18,650, while in Kolkata, it finished Rs 300 higher at Rs 18,350.
In yellow metal, standard gold (99.5) shed Rs 15 in Mumbai and settled at Rs 9,785. Pure gold (99.9) was also poorer by a similar margin to Rs 9,835 from Rs 9,850.
In Delhi, spot gold looked up by another Rs 50 at Rs 9,950 per 10 gm. In Chennai, the metal closed at Rs 9,965, up Rs 65 over the previous close of Rs 9,900.
In London, spot gold rose to $652.8 an ounce before falling as low as $642.4. It was last quoted at $642.1/643.6, against $650.7/651.5 in New York on Wednesday, when it jumped to a two-week high $655.5.
Gold, however, after touching Rs 10,000 per 10 gm on Wednesday, melted slightly as investors took profits after a fall in international prices.
However, market sentiment was bullish despite a fall in prices. Analysts said a softer dollar and contunued violence in West Asia have kept the hope alive.
The dollar erased earlier gains and fell against the euro after the European Central Bank and Bank of England both raised interest rates by a quarter percentage point and signalled that further tightening may be needed to control inflation, agency report said quoting dealers as saying.
Even in the domestic market, trend was not similar. While profit-booking pulled down prices in Mumbai and Kolkata, the metal, on the other hand, extended gains in Delhi and Chennai on the back of stockists’ buying.
In silver, Chennai gained the most, where spot (.999) prices shot up by another Rs 555 at Rs 19,135 per. In Mumbai, the metal closed at Rs 18,910, after adding Rs 430. In Delhi, ready silver, gaining Rs 600 on Wednesday, advanced further by Rs 400 at Rs 18,650, while in Kolkata, it finished Rs 300 higher at Rs 18,350.
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In yellow metal, standard gold (99.5) shed Rs 15 in Mumbai and settled at Rs 9,785. Pure gold (99.9) was also poorer by a similar margin to Rs 9,835 from Rs 9,850.
In Delhi, spot gold looked up by another Rs 50 at Rs 9,950 per 10 gm. In Chennai, the metal closed at Rs 9,965, up Rs 65 over the previous close of Rs 9,900.
In London, spot gold rose to $652.8 an ounce before falling as low as $642.4. It was last quoted at $642.1/643.6, against $650.7/651.5 in New York on Wednesday, when it jumped to a two-week high $655.5.
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