Silver opens above Rs 50,000 a kg in Mumbai, gold at Rs 39,000-plus

Demand is drying up at these price levels as consumers wait for correction before they buy

After six years, silver is trading above Rs 50,000 a kilo in the physical market here. Its global prices at $19.4 an ounce is a three-year high. The global high comes amidst the uncertainties of Brexit, a trade war and slowing growth, with traders increasing their silver bets. At Zaveri Bazar, the spot market price opened at Rs 50,125 a kilo and closed a little lower at Rs 49,950 — still up four per cent from Tuesday’s close. 

Standard gold opened at Rs 39,091 for 10 grams, trading for the first time above Rs 39,000. It closed at Rs 39,031.