After taking a cue from gold, silver is too glittering never before. On Tuesday,
the price of spot silver (.999) breached the
psychological mark of Rs 23,000 per kg to
touch Rs 23,700 in Chennai. While in Mumbai the metal surged by Rs 705 to Rs 22,315 per kg in Mumbai, it jumped by Rs 500 to Rs 22,000 per kg in Kolkata.
Thus the metal had 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 also boosted buying sentiment to some extent in domestic markets, dealers said.
Further, the steep rise in yellow metal has become unaffordable to retail buyers particularly in the midst of marriage season. And hence they opt for silver which is comparatively cheaper, a bullion merchant said in Mumbai. A retail jeweller in Vashi said many prospective gold buyers were postponing their buying decision as they are unable to grapple with never-before like prices.
In international markets, silver hit a six-month high of $14.09 an ounce. In London, spot silver was last seen at $13.97/14.05 an ounce from Monday’s New York close of $13.57