Silver continued its winning streak for the third straight session and surged Rs. 900 to hit yet another high of Rs. 58,400 per kg on Wednesday on sustained heavy buying by stockists, driven by a firm global trend.
Silver coins also rose by Rs. 1,500 to scale a new peak of Rs. 64,500 for buying and Rs. 65,000 for selling of 100 pieces.
Gold also rose by Rs. 150 to Rs. 21,300 per 10 grams on heavy buying by retail customers for the ongoing ‘Navratra’ festival.
Trading sentiments turned bullish in overseas markets, as silver rose to a 31-year high and gold to a record level as the sovereign-debt crisis in Europe deepened, after Moody’s Investors Service cut Portugal’s credit rating and higher grain and oil prices worsened the inflation outlook.
In global markets, gold rose by 1.55 per cent to $1,457.80 an ounce and silver by 1.79 per cent to $39.28 an ounce.
On the domestic front, silver ready spurted by Rs. 900 to an all time high of Rs. 58,400 per kg and weekly-based delivery by Rs. 715 to Rs. 57,815 per kg.
Similarly, gold of 99.9 and 99.5 per cent purity jumped up by Rs. 150 to Rs. 21,300 and Rs. 21,180 per 10 grams, respectively. Sovereigns, too, gained Rs. 50 to Rs. 17,550 per piece of eight grams.