In a constant upsurge in the bullion market, silver and its coins today spurted to new heights by recording handsome gains on brisk buying by industrial units and jewellery makers, amid a firm global trend.
While silver spurted by Rs 500 to set an all-time peak of Rs 45,200 per kg, its coins zoomed by Rs 2,200 to Rs 49,000 per 100 pieces on fresh purchases by jewellers and industrial units for the ongoing marriage season.
On the other hand, gold held steady in restricted trading activity at existing higher levels.
Trading sentiments turned extremely bullish in silver, as the prices in overseas markets climbed to 30-year high. The ripples were further felt in silver coins.
Silver coins sky-rocketed by Rs 2,200 to Rs 49,000 for buying and Rs 49,100 for selling of 100 pieces on strong wedding session demand.
Silver prices overseas, which normally set the price trend on the domestic front, advanced by 1.3 per cent to USD 29.80 an ounce, the highest price since March, 1980.
Beside, a firm trend in overseas markets; pick up in demand due to the ongoing marriage season further supported the uptrend in silver.
On the domestic front, silver ready shot up by Rs 500 to set a new peak of Rs 45,200 per kg and weekly-based delivery by Rs 590 to Rs 44,815 per kg.
However, gold of 99.9 and 99.5 per cent purity held steady at Rs 21,000 and Rs 20,880 per 10 grams, respectively on lack of buying at existing higher levels. Sovereign also traded at previous level of Rs 16,750 per piece of eight gram.
Keywords: bullion report