Silver crossed the coveted Rs. 50,000 per kg mark today by rising Rs. 1,200 to Rs. 50,500 per kg, while gold surged to an all-time high of Rs. 21,240 per 10 grams, an increase of Rs. 300 from its previous close, on brisk buying by jewellers for the ongoing marriage season.
Trading sentiments turned bullish for the yellow metal as it fluctuated near a seven-week high in global markets on concerns that tensions in Libya and the Middle East and high inflation will boost demand for the metal as a safe haven.
In global markets, gold rose by USD 12.70 to USD 1,411.70 an ounce and silver to its highest in 31 years by 1.45 per cent to USD 33.54.
Besides, hectic buying by jewellers and retail customers for the ongoing marriage season and investors shifting funds from equity to bullion, further bolstered the trading sentiments.
On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs. 300 each to Rs. 21,240 and Rs. 21,110 per 10 grams, respectively. Sovereign followed suit and shot up by Rs. 200 to Rs. 17,200 per piece of eight grams.
With the all-round buying, silver ready zoomed by Rs. 1,200 to Rs. 50,500 per kg and weekly-based delivery by Rs. 1,520 to Rs. 50,650 per kg.
Silver coins also surged by Rs. 700 to Rs. 54,600 for buying and Rs. 54,700 for selling of 100 pieces.