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Saturday, October 30, 2010

Silver touches peak on festive demand, global cues


Silver prices zoomed to hit a new peak of Rs 37,500 per kg in the national capital today on sustained buying by retail customers for upcoming Diwali festival amid a firm overseas trend.
Silver surpassed its previous record level of October 19 to trade higher by Rs 900 to Rs 37,500 per kg, on brisk buying by industrial units and coin manufacturers.

Similarly, gold added Rs 125 to Rs 19,925 per ten grams, moving closer to its record level of Rs 20,120 of October 15. Trading sentiment turned bullish on sustained buying by retail customers for the upcoming Diwali and Dhanteras festivals, which witness maximum consumption of precious metals.

Gold in overseas markets, which normally sets the price on the domestic front, added USD 15.70 to USD 1359.80 an ounce.

On the domestic front, the gold of 99.9 and 99.5 per cent purity remained in demand and advanced further by Rs 125 each to Rs 19,925 and Rs 19,825 per ten grams.