In the international market, silver made a high of $49.79 an ounce, past its previous all-time high level of $49.45 in 1980. Gold too, made an intra day-high of $1,518.32 an ounce, moving up from April 22 close of $1,506.85. On April 22, it had made an intra day-high of $1,514.70.
In the domestic spot market too, gold added Rs 60 and climbed to a new high of Rs 22,380 per 10 gm and silver shot up by Rs 2,300 to a record Rs 74,300 per kg.
Silver coins followed suit and zoomed up by Rs 2,500 to new peaks of Rs 80,500 for buying and Rs 81,500 for selling of 100 pieces. In the last seven trading sessions, silver has gained Rs 11,100 and gold has added Rs 610.
At the MCX too, gold moved up from Rs 22,120 per 10 gm on last trading day to Rs 22,172. Silver gained considerably from Rs 70,783 a kg to Rs 73,600.
“During the past few days, price movement in silver has been gigantic. Apart from factors that determine the investment activity in precious metals, silver also has been witnessing industrial demand. Speculative activity is also driving the metals. However, in the domestic market stockists have been indulging in brisk buying ahead of Akshaya Tritiya,” said Anand James, chief analyst, Geojit Comtrade.
“Though the metals look positive in the long term, in the short term corrections are likely. Investors have to be extremely cautious with long positions,” said Harish Galipelli, head-research, JRG Wealth Management.
“In 1980, after hitting an all-time high of $50.35 Commex silver had dropped to $10.80 in three months. Further, as the expiry of the active month contracts nears, both at MCX and Commex silver can be volatile. If the short coverings are strong, prices can go higher and if investors choose to cover their positions much earlier than expiry, prices are likely to collapse,” said James.
silver prices News today April 25, 2011
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