Silver charts new record, gold surges close to previous high

Silver prices surged to an all time high of Rs 32,950 per kg in the national capital today, on brisk buying by stockists and industrial units after a firming trend in international markets.

Gold, too, climbed by Rs 125 to Rs 19,450 per ten grams, just inches short of its record of Rs 19,500 on September 15, while the dollar slumped on the prospects of a further easing of the US monetary policy.

Market sentiment turned bullish in silver trading after the metal in Asia advanced to a 30-month high.

The precious metal in overseas markets, which normally sets price trend on the domestic front here, jumped to $21.22 an ounce, its highest level since march 2008.    

Gold too rose an all-time high of $1,297 an ounce, on spur in buying activity, following reports the Federal Reserve was planning to pump more money to help assist the the US economy recovery.

The development led to appreciation of precious metals prices at the cost of dollar. Investor shifted their funds from melting equities to bullion, further supporting the uptrend.   

The gold of 99.9 and 99.5 per cent of purity shot up by Rs 125 each to Rs 19,470 and Rs 19,370 per ten grams respectively. Sovereign rose to record high of Rs 15,300 per piece of eight gram by adding Rs 100.

Silver ready spurted by Rs 550 to Rs 32,950 per kg and weekly-based delivery by Rs 555 to Rs 32,550 per kg. Silver coins were at their all-time high level of Rs 35,200 for buying and Rs 35,300 for selling of 100 pieces.