Silver climbs on industrial demand, global cues

Silver prices rallied by Rs 750 to Rs 39,900 per kg at the bullion market today on the back of increased offtake by industrial units amid firm global cues.

Gold prices also advanced by Rs 15 to Rs 30,840 per ten grams on sustained buying by local jewellers.

Traders attributed the sharp rise in silver prices to pick-up in demand from industrial units and coin makers at the domestic spot market and a firm trend overseas.

Globally, silver rose 0.52 per cent to USD 15.36 an ounce and gold 0.10 per cent to USD 1,223.50 an ounce in London in early trade.

In the national capital, silver ready bounced by Rs 750 to Rs 39,900 per kg, while weekly-based delivery drifted down by Rs 175 to Rs 38,140 per kg.

Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

In line with the overall trend, gold of 99.9 per cent and 99.5 per cent purity edged higher by Rs 15 each to Rs 30,840 and Rs 30,690 per 10 grams, respectively. It had gained Rs 25 yesterday.

Sovereign, however, traded at last level of Rs 24,700 per piece of eight grams.