re: stand out long
Yeah, the market is being totally flooded with physical. Why bother with the real world when you can stick your head up your ahse and look at a chart?
Mumbai, Apr 18: The ongoing distinctly bullish trend in precious metals today gathered further momentum with gold prices surging by another Rs 180 per ten grams to an all-time closing peak of Rs 9,100 as silver soared by a massive Rs 440 per kilo to scale new record highs of Rs 20,640 on the bullion market due to sustained heavy buying.
Tracking strong global prices, gold and silver attracted hectic demand amid an acute shortage of supplies. While dealers attributed the persistent rise in gold prices to aggressive buying by stockists and jewellery fabricators, silver scaled fresh peaks on the back of heavy industrial demand.
A fair amount of speculative play also aided the steep price trends in both metals, they added.
In New york market, concerns about Iran's nuclear program and a sharp drop in the US dollar helped fuel speculative buying and short covering in gold that carried the metal to its strongest level in more than a quarter of a century.
The other precious metal followed suit, with silver hitting life-of-contract highs, dealers said..
Most-active June gold settled up $18.70 at $618.80 an ounce on the Comex division of the New York Mercantile Exchange.
