Following surging trend in Gold, Silver too sparkled on Tuesday. The price of spot silver (.999) crossed the psychological level of Rs 23,000 per kg to touch Rs 23,700 in Chennai, reports Economic Times.
While in Mumbai the metal soared by Rs 705 to Rs 22,315 per kg, it jumped by Rs 500 to Rs 22,000 per kg in Kolkata.
The metal has gained more than Rs 4,000 per kg from January 16, when it settled at Rs 18,170 per kg in Mumbai market. A plunge in equity markets and firm global trend in bullion also boosted buying sentiment to some extent in domestic markets.
Further, the sharp rise in yellow metal has become unaffordable to retail buyers particularly amid marriage season so they opt for Silver which is comparatively cheaper.
In overseas markets, Silver hit a six-month high of USD 14.09 an ounce. In London, spot Silver was last quoted at USD 13.97/14.05 an ounce from Monday`s New York close of USD 13.57.
