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Flake News Center > Gold moves up, silver hits new high
Silver Flake News
Gold moves up, silver hits new high
THURSDAY, MARCH 02, 2006 03:32:17 PM
NEW DELHI: Gold prices gained further ground on the bullion
market on sustained buying by stockists while silver shot
up to an all-time high level of Rs 14,150 per kilo on paucity
of stocks.
Trading activity remained bullish as gold in Asia traded
near a three-week high on buying by investment funds and speculation
that the dollar may weaken against the euro, making the precious
metal cheaper for investors in Europe.
The metal in overseas markets rose 46 cents to 563.41 dollar
an ounce as investors bought gold following its outperforming
stocks and bonds.
Marketmen said the buying was strong by stockists and jewellery
fabricators for the ongoing marriage season while silver attracted
purchasing from industrial units.
They said restricted arrival of white metal caused paucity
of stocks and helped in pushing up its prices.
Standard gold and ornaments gained Rs 45 each at Rs 8,185
and Rs 8,035 per ten gram respectively. Sovereign was also
at record high levels of Rs 6,400 per piece of eight gram.
Silver ready spurted to record high levels of Rs 14,150 per
kilo and weekly-based delivery by Rs 30 at Rs 13,900 per kilo.
Silver coins were unchanged at Rs 17,500 for buying and Rs
17,600 for selling of 100 pieces.
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