Silver hits new high at Rs53,200 on global cues,gold up Rs175

Silver set a new record today by rising Rs1,600 to Rs53,200 per kg on brisk buying by speculators, amid firm global trends. Gold, also, surged Rs175 each to Rs21,220 per 10 grams on the increased demand for the ongoing marriage season.

In global markets, silver rose to a 31-year high level of $35 an ounce. Trading sentiments for the yellow metal turned bullish on mounting tension in Libya, increasing its appeal as an alternate investment. It rose by $17.50 to $1432.80 an ounce.

On the domestic front, silver ready rallied by Rs1,600 to an all-time high of Rs53,200 per kg and silver weekly-based delivery shot up by Rs655 to Rs52,300 per kg.

Similarly, gold of 99.9 and 99.5% purity surged by Rs175 each to Rs21,220 and Rs21,100 per 10 grams, respectively.

However, silver coins continued to be asked on previous levels of Rs55,800 for buying and Rs56,300 for selling of 100 pieces in limited deals.

Sovereign also traded up by Rs100 to Rs17,300 per piece of eight grams.

(Source: http://www.dnaindia.com/money/report_silver-hits-new-high-at-rs53200-on-global-cuesgold-up-rs175_1515848)