Both the precious metals, silver and gold, scaled new peaks today on brisk buying by stockists for the upcoming marriage season, amid a firming global trend.
While gold gained Rs. 70 to Rs 21,780 per 10 grams, silver surged Rs. 1,100 to Rs 64,300 per kg.
Trading sentiments remained bullish as gold advanced to a record in international markets as mounting inflation around the globe and Europe’s sovereign debt crisis prompted investors to seek a store of value.
In global markets, gold rose by 0.1 per cent to USD 1,488.68 an ounce and silver rose by 0.9 per cent to USD 43.37 an ounce, the highest level since 1980.
Besides, hectic buying by stockists and jewellers for the upcoming marriage season and shifting of funds from melting stock markets to surging bullion also supported the market.
On the domestic front, silver rose by Rs. 1,100 to Rs 64,300 per kg and weekly-based delivery by Rs. 775 to Rs. 63,210 per kg. Silver coins followed suit and spurted by Rs. 1,500 to Rs. 70,000 for buying and Rs. 70,500 for selling of 100 pieces.
Similarly, gold of 99.9 and 99.5 per cent purity shot up by Rs. 70 each to Rs. 21,780 and Rs. 21,660 per 10 grams, respectively. Sovereigns, however, remained steady at Rs. 17,750 per piece of eight grams.