Silver prices soar R2,155 to trade at 28-month high

White metal tops gold also up

New Delhi, July 4: Silver prices soared by R2,155 to trade at 28-month high of R47,715 per kg at the bullion market on Monday.

The white metal prices have risen by nearly 44% since January 1 this year.

Gold also edged higher by R100 to R30,650 per ten gram.

Sentiment remained extremely bullish after the white metal vaulted $21 in global market for the first time in two years as investors sought precious metals as haven assets following the UK’s vote to leave the EU, bullion traders said.

The weakening of the US dollar against its rivals too raised appeal for the precious metals, they added. Moreover, an increased offtake by domestic industrial units and coin makers buoyed the sentiment.

“Speculative buying activity in anticipation of further rise in its prices, also helped the white metal to trade above the R47,000 level”, said Rakesh Anand, a Delhi-based jeweller.

Globally, silver climbed 7% to $21.13 an ounce and gold surged 1.2% to $1,357.63 an ounce in Singapore, the highest level in more than two years.

In the national capital, silver ready continued its upward journey for a sixth straight day and climbed R2,155 to trade at R47,715 per kg, its highest level since March 5, 2014 when it closed at R47,400 per kg.

Silver weekly-based delivery too went past the R46,000 level by recording a hefty rise of R1,600 to R46,800 per kg. Tracking silver, its coins also spurted by R2,000 to quote at R76,000 for buying and R77,000 for selling of 100 pieces.

On the other side, gold of 99.9 and 99.5% purity were up by R100 each at R30,650 and R30,500 per ten gram respectively. PTI