Silver prices zoom as the precious metal gets huge demand
Silver prices: In bullion trade, it's usually gold that takes all the limelight but on Wednesday it was Silver's moment to shine along with gold. The precious metal was in huge demand. Towards the end of trading hours, prices of silver zoomed by Rs 2550 to become Rs 60,400 per Kg. On Tuesday, the price per Kg was Rs 57,850.
Participants on Wednesday widened their bets on firm spot demand
"Spot gold prices for 24 karat in Delhi hit a new record high rallying by Rs 430, reflecting gains in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said. He was quoted by PTI.
On the Multi Commodity Exchange, silver contracts for September gained Rs 3,383, or 5.9 per cent, to Rs 60,725 per kg in 15,445 lots.
Analysts said the rise in silver prices was mostly due to fresh positions built up by participants on a positive domestic trend.
Silver found buyers globally too. On global cues, demand in Indian markets went up
In the international market, silver was trading 5.07 per cent higher at USD 22.65 per ounce in New York.
Gold prices in the national capital hit a new record high rising Rs 430 to Rs 50,920 per 10 gram on Wednesday, reflecting gains in the international prices of the precious metal, according to HDFC Securities.
In the previous trade, gold had closed at Rs 50,490 per 10 gram.
(With PTI inputs)
