Silver hits new high at R56,400

New Delhi: Silver set yet another record on Thursday by surging R1,800 to R56,400 per kg on heavy buying by stockists and industrial units, sparked by a rising global trend. Gold also rose by R45 to R21,240 per 10 gm on scattered buying.

Trading sentiments turned bullish as gold fluctuated near records and silver hit 31-year high in London as Libya unrest and Europe's debt crisis spurred demand for an alternative investment.

On the domestic front, silver ready remained on record making spree and surged by R1,800 to hit an all-time high of R 56,400 per kg and weekly-based delivery by R1,900 to R56,100 per kg. Silver coins also spurted by R1,800 to R 60,800 for buying and R61,300 for selling of 100 pieces. Similarly, gold of 99.9 and 99.5% purity rose by R45 each to R21,240 and R21,120 per 10 gm, respectively. However, sovereigns held steady at R17,500 per piece of 8 gm.

(Source: http://www.financialexpress.com/news/Silver-hits-new-high-at-R56-400/767013/)