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Silver jumps to Rs 55,100 on global cues, gold falls

Buying activity in silver gathered momentum as the metal prices rose in global markets while sluggish local demand and weak trend in overseas market pull down gold prices.

twitter-logoPTI | June 9, 2011 | Updated 17:22 IST

A divergent trend developed in the bullion market on Thursday as silver recovered by Rs 400 to Rs 55,100 per kg on fresh buying by stockists amid a firming global trend, while gold fell further by Rs 25 to Rs 22,655 per 10 gram on sluggish demand at existing high levels.

Silver coins followed suit and shot up by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

"Buying activity in silver gathered momentum as the metal prices rose in global markets amid fresh buying by stockists and jewellers for the upcoming marriage season. On the other hand, sluggish local demand and weak trend in overseas market led to the decline in the yellow metal's prices," traders said.

Find out whether you should invest in gold or silver

Gold in global markets, which normally sets a price trend on the domestic front, declined by 1.50$ to 1536.10$ an ounce, while silver gained 0.35 per cent to 36.93$ an ounce. On the domestic front, silver ready recovered by Rs 400 to Rs 55,100/kg and weekly-based delivery by Rs 320 to Rs 54,970/kg.

On the other hand, the gold of 99.9% and 99.5&% purity remained weak for the second straight day and shed another Rs 25 each to Rs 22,655 and Rs 22,535 per 10 grams, respectively.The yellow metal had lost Rs 130 in Wednesday's trade.

However, sovereigns continued to be asked around previous level of Rs 18,700 per piece of eight grams.

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