Both gold and silver rose in bulliion market today

Gold traders in India, the world’s biggest buyer of bullion, stepped up buying for the upcoming wedding season, as gold prices stayed near the week’s trough, giving silver a boost.

The most-active gold for February delivery on theMulti Commodity Exchange ( MCX) was 0.35 percent higher at 27,633 rupees per 10 grams at 1 : 24 p.m., recovering from a previous session’s low of 27,476 rupees, a level last seen on Jan. 3.

“Demand is good from bullion traders as upside chances are more,” said a dealer with a state-run, bullion dealing bank in Mumbai.

Premiums on London prices stayed steady at $2 per ounce.

Silver for March delivery also rose by more than half a percent, before trading at 52,817 rupees per kg.

Traders will also eye the movement in the rupee, which traded steady. The rupee plays an important role in determining the landed cost of the dollar-denominated precious metals. – Reuters

Tags: price of silver, Silver, silver analysis, silver futures, silver futures prices, silver news, silver price, silver prices, silver spot, spot silver

Posted by Silver Guru on Jan 11 2012. Filed under Silver prices. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry