Silver zooms to scale new highs on strong global cues

Mumbai, Feb 18 (PTI) Silver prices rebounded sharply to hit an all time high and fell short of reaching another milestone of Rs 48,000 per kg at the bullion market here today on frantic and speculative buying by stockists triggered by global rally.

Gold also rose renewed demand from jewellery makers amid marriage seasonal offtake.

In the global market, silver surged to a fresh 31-year high, while gold hit five-week high on growing unrest in Middle East infusing safe haven buying interest.

Silver ready (.999 fineness) jumped by hefty Rs 1,195 per kg to close at Rs 47,980 from Thursday''s closing level of Rs 46,795. The previous all-time high was at Rs 47,560 per kilo on January 3 this year.

Standard gold (99.5 per cent purity) firmed up by Rs 60 per 10 grams to finish at Rs 20,430 from overnight closing level of Rs 20,370.

Pure gold (99.9 per cent purity) also gained by Rs 65 per 10 grams to end at Rs 20,535 as against Rs 20,470 yesterday.

In Europe, spot gold was bid at USD 1,385.25 in early trade as against USD 1,383.30 late in New York yesterday.

Silver was bid at USD 31.73 as compared to USD 31.74. It hit a high of USD 31.95, a 31-year peak in earlier trade.

(Source: http://in.news.yahoo.com/silver-zooms-scale-highs-strong-global-cues-20110218-050700-094.html)