Monday, November 1, 2010

Sustained buying for the Diwali and Dhanteras festivals


New Delhi, Oct 30
Silver prices zoomed to hit a new peak of Rs 37,500 per kg in the national capital today on sustained buying by retail customers for upcoming Diwali festival amid a firm overseas trend.

Silver surpassed its previous record level of October 19 to trade higher by Rs 900 to Rs 37,500 per kg, on brisk buying by industrial units and coin manufacturers.

Similarly, gold added Rs 125 to Rs 19,925 per ten grams, moving closer to its record level of Rs 20,120 of October 15.

Trading sentiment turned bullish on sustained buying by retail customers for the upcoming Diwali and Dhanteras festivals, which witness maximum consumption of precious metals.

Silver, Palladium Hit New HIGHS - US$ FALLS

SINGAPORE, Nov 1 (Reuters) - Spot silver rose to a fresh 30-year high of $24.96 an ounce on Monday, palladium reached $651.25, its highest since May 2001 and gold rallied, supported by a softening in the dollar against a currency basket.

Spot gold rose 0.6 percent to a two-week high of $1,365.50,while the dollar dropped 0.4 percent against a trade-weighted currnecy index .DXY.

Disarming Bankers

Given all the intrigue and double guessing of last week I thought we better start this week with a bit of a laugh from my favourite commentator, Max Keiser

Silver to $30/oz ?