Silver at an all-time high

Silver prices climbed a new peak record at Rs 32,030 a kg in the national capital on Tuesday, on brisk buying by stockists and industrial units in tandem with a firming global trend.

Amid reports of the metal climbing to a 30-month high in international markets, the silver in domestic markets jumped up by Rs 405 to Rs 32,030 a kg.

Jewellers and coin manufacturers purchased silver to accommodate the festival and marriage season demand. Demand from industrial units such as electrical conductor, electrical circuit and battery makers also picked up on fear of a further rise in the white metal prices. Industrial applications including electrical conductors and batteries, mostly used in cars, accounted for about half of the silver demand.

Delhi-based bullion merchant Ravi Jalan said the demand for the white metal carrying industrial properties, is likely to rise further as the domestic economic recovery has boosted demand for electronic items. Demand for silver coins that are used as gift items for festival and marriage occasions, will also push the metal prices.

Among global markets, Silver prices in London jumped by 1.9 per cent to $20.42 an ounce, the highest price since March 2008. The metal has gained 21 per cent this year.

Gold prices too, in line with the general firming trend, have risen on sustained buying by jewellers. The yellow metal rose by $9.52 to $1,255.13 an ounce in London, against its record level of $1,265.30 set on June 21.

In Delhi, the gold for 99.9 and 99.5 per cent purity became dearer by Rs 60 each to Rs 19,200 and Rs 19,100 per 10 gm respectively. Sovereign rose by Rs 50 to Rs 15,000 per piece of 8 gm. Silver ready jumped by Rs 405 to Rs 32,030 a kg and weekly-based delivery by Rs 370 to Rs 31,720 a kg. Silver coins rose by Rs 100 to Rs 35,100 for buying and Rs 35,200 for selling of 100 pieces.