NDTV: Gold rallies on heavy buying, silver declines
Gold prices rallied by Rs 220 to Rs 16,960 per ten grams at the bullion market here on Wednesday on the back of aggressive buying by stockists and jewelers sparked by a sharp rise in global markets.
Standard gold (99.5 purity) strengthened by Rs 220 per ten grams to end at Rs 16,960 from yesterday's closing level of Rs 16,740.
Pure gold (99.9 purity) shot up by Rs 215 per ten grams to finish at Rs 17,045 as against Rs 16,830 previously.
However, silver ready (.999 fineness) dropped by Rs 260 per kilo to close at Rs 28,035 from Rs 28,295 yesterday.
The industrial metal met with heavy offloading from traders, who took cues from the overnight crash at the London Metal Exchange (LME).
In New York, gold for June delivery rose yesterday by $8.20 to $1,162.20 an ounce on the Comex division of the NYMEX.
Silver for May delivery also lost 22 cents to $18.11 an ounce.
