Rally in silver continues, gold slips

Silver prices continued to climb new highs at the bullion market here today on heavy speculative buying following global cues.

On the other hand, gold slipped owing to modest profit-taking by stockists in tandem with lower offtake from local retailers.

Silver ready (.999 fineness) rose by Rs 145 per kg to close at Rs 50,755 from last Saturday's closing level of Rs 50,610, after hitting a high of Rs 50,830 per kilo in the morning trade.

However, standard gold (99.5 purity) declined by Rs 45 per 10 grams to finish at Rs 20,800.   

Pure gold (99.9 purity) also fell by a similar margin to end at Rs 20,900 per 10 grams as against to Rs 20,945 last weekend.  

 

In Europe, the precious metal rose due to turmoil in the Middle East region and a fresh spike in oil prices.  

Spot gold was bid at $1,411.15 an ounce in early trade as against $1,409.15 later in New York on Friday. US gold futures for April delivery rose $2.50 an ounce to $1,411.80. 

Silver was bid at $33.37 an ounce as compared to $33.31.