Silver rises on speculative trade, gold declines

Silver prices rose further at the bullion market here today on hectic buying from speculators and stockists on the back of a strong rally in global markets. Gold, however, declined owing to profit selling amidst subdued demand from jewellery makers despite firm overseas trend.

Silver ready (.999 fineness) hardened by Rs 490 per kg to end at Rs 52,945 from Wednesday's close of Rs 52,455. Standard gold (99.5 purity) dipped by Rs 65 per 10 grams to conclude at Rs 21,965 from Rs 22,030 yesterday. Pure gold (99.9 purity) also fell by a similar margin to finish at Rs 22,070 as against Rs 22,135 previously. 

In New York, precious metals rallied along with other commodities after the Greek Parliament approved a package of additional austerity measures. Gold for August delivery gained USD 10.20 to USD 1,510.40 an ounce on the COMEX division of the NYMEX. 

Silver for July delivery gained USD 1.11 to USD 34.75 an ounce.