PTI

Yellow metal sparkles, hits a new peak; silver slips

Tue, Nov 3 07:15 PM

Mumbai, Nov 3 (PTI) Gold prices sparkled for the second day in a row to hit fresh highs on the bullion market here today on emergence of hectic buying from stockists and traders amidst firming of rates in international markets. On the other hand, moving against the tide, silver declined due to lack of demand from industrial users.

The sustained weakness in global and domestic equity markets made investors to find better avenue to shift their funds to make good returns thus investing in bullion as a good alternate bet, traders said. In Europe, gold steadied below USD 1,060 today, as a stronger dollar offset the news that International Monetary Fund (IMF) had sold 200 tonnes of gold.

US gold futures for December delivery rose by USD 2.50 an ounce to USD 1,056.5 an ounce on the Comex division of the New York Mercantile Exchange. However, spot silver was at USD 16.40 an ounce as against USD 16.43 an ounce late on Monday.

In the domestic market, standard gold (99.5 purity) surged by Rs 155 per ten grams to end at Rs 16,240 from overnight closing level Rs 16,085. Pure gold (99.9 purity) also shot up by Rs 160 per ten grams to close at Rs 16,325 as against Rs 16,165 yesterday.

However, silver ready (.999 fineness) fell by Rs 130 per kilo to finish at Rs 26,690 from Rs 26,820 previously.

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