Gold at all-time high of Rs 21,710

Both silver and gold set new records on the bullion market today on hectic buying by stockists for the upcoming marriage season amid firm global cues.

While silver spurted by Rs 2,700 to a new high of Rs 63,200 per kg, gold gained Rs 280 to touch an all-time high of Rs 21,710 per 10 grams.

Trading sentiment turned extremely bullish as gold and silver soared to a record levels in 31 years in global markets as inflation in China accelerated underscoring the challenge that central bankers worldwide face in combating rising prices.

Gold in global markets, which normally sets the price trend on the domestic front, gained 0.4% to rise to a record high of $1,479.35 an ounce and silver climbed 0.6% to $42.42 dollar an ounce, the highest level since 1980.

On the domestic front, silver ready surged by Rs 2,700 to Rs 63,200 per kg and weekly-based delivery by Rs 2,775 to Rs 62,435 per kg. Silver coins followed suit and spurted by Rs 2,000 to Rs 68,500 for buying and Rs 69,000 for selling of 100 pieces.

In line with a general firm trend, gold of 99.9 and 99.5% purity flared up by Rs 280 each to Rs 21,710 and Rs 21,590 per 10 grams, respectively.

Sovereign also gained Rs 50 to Rs 17,750 per piece of eight grams.