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Home > Business > PTI > Report

Silver soars to Rs 12,340/kg

December 02, 2004 17:02 IST

After gold, it was silver's turn to scale new highs as ready silver rallied to touch an all-time high of Rs 12,340 per kilo in the opening session on the bullion market here on Thursday due to heavy buying activity.

Ready silver (.999 fineness) resumed at a new record high of Rs 12,340 per kilo, showing a steep rise of Rs 220 over Wednesday's closing level of Rs 12,120.

Attributing the steep rally in silver prices to firm global advices, dealers said the most active March contract on the Comex division of the New York Mercantile Exchange, closed 3.89 per cent higher at a seven-month high of $8.08 per ounce on Wednesday due to strong speculative interest.

The all-time high for the metal in the international market was $8.33 per ounce recorded on October 10, 1987 and in recent times it had touched a high of $8.30 per ounce on April 2, 2004, they said.

Meanwhile, gold has raised interest rates on NRE term deposits up to 0.43 per cent across various maturities effective from December 3. The rate for one year and above but less than two year NRE deposits is up from 3.05 per cent to 3.48 per cent, Bank of Baroda said.

The rate for two years and above but less than three years has been hiked to 3.93 per cent from 3.45 per cent, it said. The state-owned bank has also revised interest rates on foreign currency NRE deposits from December 3.

For US dollar deposits, the interest rates have gone up from 2.30 per cent to 2.73 per cent for one year and above but less than two-year deposit bucket.

The interest rate for deposits in British pound has been revised downward. Now for one year and above but less than 2 years deposits, the interest rates would be 4.65 per cent as against 4.77 per cent, it added.

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