Silver rallies on anxious buying

Silver prices on Monday rose by Rs 300 in the bullion market on frantic buying by stockists and industrial units, on the others side, gold remained steady on restricted buying, reports Economic Times.

Silver ready increased by Rs 300 to Rs 23,500 per kg and weekly-based delivery by Rs 80 to Rs 24,250 per kg. However, silver coins held steady at Rs 29,500 for buying and Rs 29,600 for selling of 100 pieces.

Reports of a better trend in gold in global markets failed to impact the trading sentiment in the domestic market. Gold in London commenced the day at three-month high of 987 dollar an ounce. The trading sentiment in gold remained sluggish as investors and other major market players shifted funds to the surging equity markets for quick gains.

Meanwhile, standard gold and ornaments continued to be asked around previous levels of Rs 15,100 and Rs 14,950 per 10 gram, respectively. Sovereign also traded at last levels of Rs 12,450 per piece of eight gram.

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