Silver coins scale new peak of Rs 32,000 on seasonal demand

Silver coins spurted to an all-time high of Rs 32,000 per 100 pieces on the bullion market here on Thursday after a flurry buying by stockists ahead of festival and marriage season.

Silver coin rices jumped by Rs 200 to Rs 31,900 for buying and Rs 32,000 for selling of 100 pieces.

Sovereign also zoomed to a record level of Rs 13,000 per piece of eight gram, adding Rs 50 per piece of eight gram.

Gold prices, however, declined by Rs 30 to close at Rs 16,190 per 10 gram on subdued demand. Silver rose by Rs 200 to Rs 26,800 per kg.

Silver coins are mainly used for gifting purpose during marriages and as offering to the God.

Traders said surge in prices silver coins was purely backed by stockists, who indulged in creating new positions to meet the expected strong demand in festival season beginning Saturday.

Rising inflation and falling capital markets shifted investors interest to the bullion market, they said.

“The precious metals likely to see further high peaks in coming days once retail customers enter the market during marriages and festivals,” R K Jewellers’ Rakesh K Anand said.