Silver's bigger cousin, gold was not too far behind, advancing on the back local buying before festivals and the upcoming wedding season.Precious metal prices in India continue to surge ahead, with silver prices touching a new record high in the bullion markets on Thursday due to a combination of safe haven buying and industrial demand.
Silver's bigger cousin, gold was not too far behind, advancing on the back local buying before festivals and the upcoming wedding season.
The latest spurt in the yellow and white metals in India can be partly attributed to international prices, which have firmed up amid lingering worries over the political upheavals in the MENA region and the eurozone sovereign debt problems.
In the domestic market, silver ready (.999 fineness) shot up by Rs. 490 per kg to close at Rs. 56,900 on Thursday while standard gold (99.5 purity) gained Rs. 80 per 10 grams to end at Rs. 20,775.
Pure gold (99.9 purity) closed at Rs. 20,875 per 10 grams compared to Rs. 20,795 on Wednesday.
Meanwhile, gold futures in New York rose today, extending gains after posting the longest streak of quarterly gains in more than three decades.
Gold futures for June delivery advanced US$15, or 1.1%, to close at US$1,439.90 an ounce at 1:53 p.m. on the Comex in New York, a record settlement.
In the January to March quarter, the yellow metal is up 1.3%, marking the 10th straight gain, the longest rally since at least 1975. On March 24, the commodity reached US$1,448.60, the highest intraday price ever.
Silver futures for May delivery rose 37.7 cents, or 1%, to US$37.888 an ounce. This quarter, the price gained 22%, marking the ninth straight gain, the longest rally since at least 1975.
On March 24, the silver contract reached US$38.18, the highest since February 1980. In the past 12 months, the white metal has more than doubled.
Platinum futures for July delivery gained US$9.10, or 0.5%, to US$1,783.20 an ounce. This quarter, the price rose 0.3% after climbing 16% in the second half of 2010.
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