Silver rebounds to new high, gold up

Mumbai, Mar 23 (PTI) Silver bounced-back sharply to hit a fresh peak at the bullion market here today due to heavy stockists buying as well as strong industrial demand driven by bullish global trend.

Gold also moved up on fresh local buying interest amidst good demand from jewellers.

In the overseas market, the precious metals rose owing to hectic investment buying on fears over portugese vote for austerity drive may topple the government as well as tension in the Middle East.

In the domestic market, Silver ready (.999 fineness) surged by Rs 530 per kg to end at Rs 55,245 from Tuesday''s closing level of Rs 54,715. It touched a record high of Rs 55,195 per kg on March 8.

Standard gold (99.5 purity) gained by Rs 35 per 10 grams to close at Rs 20,925 from Rs 20,890 previously.

Pure gold (99.9 purity) also firmed up by Rs 45 per 10 grams to finish at Rs 21,035 per 10 grams as compared to Rs 20,990 yesterday.

In Europe, spot gold was bid at USD 1,430.10 an ounce in early trade from USD 1,429.50 late in New York yesterday while Spot silver bid was at USD 36.38 an ounce as against USD 36.34 previously.

(Source: http://in.news.yahoo.com/silver-rebounds-high-gold-20110323-060400-777.html)