Silver hits all-time high on Diwali demand
Sunday, 7 November 2010
NEW DELHI, Nov 6 (PTI): Silver surged to an all-time high of Rs 38,900 per kg in the national capital today amid frantic buying for the Diwali festival and a firm global trend, even as gold prices rallied to the near record level of Rs 20,100 per 10 grams.
Retail prices for silver spurted by Rs 1,300 in the market today to Rs 38,900 per kg, a level never seen before, while gold jumped by Rs 250 to Rs 20,100 per ten grams, just Rs 20 shy of the record price of Rs 20,120 achieved on October 15.
The trading sentiment turned extremely bullish as stockists and jewellers purchased heavily to get off to an auspicious start in Samvat Year 2067, as per the Hindu calendar.
Buying activity was brisk, with most retailers making token purchases for Diwali, considered to be an auspicious day for buying precious metals as per Hindu mythology.
Retail prices for silver spurted by Rs 1,300 in the market today to Rs 38,900 per kg, a level never seen before, while gold jumped by Rs 250 to Rs 20,100 per ten grams, just Rs 20 shy of the record price of Rs 20,120 achieved on October 15.
The trading sentiment turned extremely bullish as stockists and jewellers purchased heavily to get off to an auspicious start in Samvat Year 2067, as per the Hindu calendar.
Buying activity was brisk, with most retailers making token purchases for Diwali, considered to be an auspicious day for buying precious metals as per Hindu mythology.