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Silver continued its record spree for the sixth straight session today by rising Rs 650 to Rs 59,250 per kg on frantic buying by stockists and speculators amid strong global cues.
Gold also rose Rs 55 to Rs 21,320 per 10 grams on fresh local buying, driven by the ongoing ‘Navratra’ festival.
Trading sentiment remained bullish as the precious metals climbed to a new record level in the global markets as concerns over accelerating inflation, financial turmoil in Europe and fighting in Libya bolstered their demand as a safe haven.
Gold in the global markets, which normally sets the price trend at the domestic front, strengthened by 0.6 per cent to $1,468.20 an ounce and silver by 1.3 per cent to $40.15 an ounce, the highest level since 1980.
At the domestic front, silver spurted by Rs 650 to set a new record of Rs 59,250 per kg and weekly-based delivery by Rs 710 to Rs 58,560 per kg. Silver coins followed suit and surged by Rs 1,000 to Rs 65,500 for buying and Rs 66,000 for selling of 100 pieces.
In line with the general firming trend, gold of 99.9 and 99.5 per cent purity rose Rs 55 each to Rs 21,320 and Rs 21,200 per 10 grams, respectively. Sovereigns, too, gained Rs 50 to Rs 17,600 per piece of eight grams.
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