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Silver rises after Thursday's tumble

Silver staged a strong come back and recovered sharply after losing Rs 7,200 on Thursday.

twitter-logoPTI | May 13, 2011 | Updated 17:50 IST

Both the precious metals, silver and gold, rose today on stockists buying for the ongoing marriage season, amid a firming global trend. While silver staged a strong come back by gaining Rs 1,650 to Rs 54,950 per kg, gold surged Rs 300 to Rs 22,470 per 10 grams.

Trading sentiments turned better as gold advanced in global markets after growth in Germany, Europe's largest economy, accelerated more than economists forecast in the first quarter, driving the dollar lower. Silver also climbed.

In global markets, gold rose by 0.6 per cent to $1.514.20 an ounce and silver by 2.7 per cent to $35.73 an ounce.

Some buying by retailers at existing low levels for the ongoing marriage season further fuelled the uptrend.

On the domestic front, gold of 99.9 and 99.5 per cent purity flared up by Rs 300 each to Rs 22,470 and Rs 22,350 per 10 grams, respectively. It had lost Rs 410 in the previous session.

Sovereigns followed suit and gained Rs 100 to Rs 18,500 per piece of eight grams.

Silver ready staged a strong come back and recovered sharply by Rs 1,650 to Rs 54,950 per kg, after losing Rs 7,200 yesterday and weekly-based delivery by Rs 1,950 to Rs 54,250 per kg from yesterday's fall of Rs 7,440.

Silver coins, too, jumped up by Rs 3,500 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

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