Silver, gold hit record highs

Silver crossed the coveted Rs 50,000 a kg mark on Thursday by rising Rs 1,200 to Rs 50,500 a kg, while gold surged to an all-time high of Rs 21,240 per 10 gm, an increase of Rs 300 from its previous close, on brisk buying by jewellers for the ongoing marriage season.

Trading sentiments turned bullish for the yellow metal as it fluctuated near a seven-week high in global markets on concerns that tensions in Libya and the Middle East and high inflation will boost demand for the metal as a safe haven.

In global markets, gold rose $12.70 to $1,411.70 an ounce and silver to its highest in 31 years by 1.45 per cent to $33.54.

Besides, hectic buying by jewellers and retail customers for the ongoing marriage season and investors shifting funds from equity to bullion, further bolstered the trading sentiments.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 300 each to Rs 21,240 and Rs 21,110 per 10 gm, respectively. Sovereign followed suit and shot up by Rs 200 to Rs 17,200 per piece of 8 gm. With the all-round buying, silver ready zoomed by Rs 1,200 to Rs 50,500 a kg and weekly-based delivery by Rs 1,520 to Rs 50,650 a kg.