Silver at Rs 64,300, gold up by Rs 70

Both the precious metals, silver and gold, scaled new peaks today on brisk buying by stockists for the upcoming marriage season, amid a firming global trend. While gold gained Rs 70 to Rs 21,780 per 10 grams, silver surged Rs 1,100 to Rs 64,300 per kg.  

Trading sentiments remained bullish as gold advanced to a record in international markets as mounting inflation around the globe and Europe's sovereign debt crisis prompted investors to seek a store of value.

In global markets, gold rose by 0.1% to $1,488.68 an ounce and silver rose by 0.9% to $43.37 an ounce, the highest level since 1980.

Besides, hectic buying by stockists and jewellers for the upcoming marriage season and shifting of funds from melting stock markets to surging bullion also supported the market.

On the domestic front, silver rose by Rs 1,100 to Rs 64,300 per kg and weekly-based delivery by Rs 775 to Rs 63,210 per kg. Silver coins followed suit and spurted by Rs 1,500 to Rs 70,000 for buying and Rs 70,500 for selling of 100 pieces.

Similarly, gold of 99.9 and 99.5% purity shot up by Rs 70 each to Rs 21,780 and Rs 21,660 per 10 grams, respectively. Sovereigns, however, remained steady at Rs 17,750 per piece of eight grams.