Silver prices shot up to a new high of Rs 61,700 per kg in the national capital today on increased buying by stockists in line with a firm global trend.

Gold, however, was down by Rs 5 to Rs 21,540 per 10 grams in the domestic market.

Attributed the soaring silver prices to strong global cues, traders said the trading sentiment remained firm after gold in the global markets hit a new high for the ninth straight day, the best run since March 2008, as investors sought precious metals as a hedge against inflation.

Gold in the global markets, which normally set the price trend at the domestic front, gained 0.2 per cent to $1,478.18 an ounce and silver by 2.5 per cent to $41.95 an ounce, the highest level since 1980.

At the domestic front, silver ready was on a record-making spree and surged by Rs 300 to Rs 61,700 per kg and weekly-based delivery by Rs 265 to Rs 60,910 per kg. Silver coins remained stable at Rs 66,500 for buying and Rs 67,000 for selling of 100 pieces.

On the other hand, gold of 99.9 and 99.5 per cent purity declined by Rs 5 each to Rs 21,540 and Rs 21,420 per 10 grams, respectively. Sovereign, however, ruled flat at Rs 17,700 per piece of eight grams.

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