Silver crosses Rs 35,000-level, gold rallies to a new peak

Tracking global markets, silver and gold prices rallied sharply in the early trade on the local bullion market today.

Silver crossed the Rs 35,000 a kg level for the first time ever on speculative buying by stockists on the back of firm trend in the international markets.

Gold also scaled all-time highs on heavy buying by stockists and jewellery demand amidst positive global trend.

Silver ready (.999 fineness) rose by a whopping Rs 840 per kilo to touch Rs 35,085 from overnight close of Rs 34,245.

Standard gold (99.5 purity) shot up by Rs 140 per ten grams to Rs 19,455 from Rs 19,315 yesterday. Pure gold (99.9 purity) hardened by Rs 135 per ten grams to Rs 19,545 from Rs 19,410 previously.

Gold futures extended their record streak onto Globex during Asia's in the afternoon trading, with the Bank of Japan's surprise cut in interest rates and further weakness in the US dollar helping to lift prices for the precious metal above $1,350 an ounce.

Gold for December delivery was up $7.40 at $1,347.70 an ounce in electronic trading on Globex after tapping a high of $1,351.

Silver returned to a 30-year high, and copper closed at a 26-month high. Silver for December delivery surged 70 cents to $22.74 an ounce, recapturing its highest level in 30 years.