Silver prices surge to all-time high of Rs 56,600/kg

Surpassing all previous records, silver soared to an all-time high of Rs 56,600 per kg in the national capital today on heavy buying by stockists and industrial units, sparked by a rising global trend.

While silver spurted by Rs 600 to all-time high of Rs 56,600 per kg, its more expensive counterpart, gold, climbed by Rs 70 to Rs 21,090 per 10 grams on scattered buying.

The trading sentiment at home turned bullish as precious metals gained ground in global markets amid fighting in Libya and concerns about European debt spurring demand for a safe investment haven.

In global markets, gold rose by $4.73 to $1,427.75 an ounce and silver by 0.7% to $37.72 an ounce.

On the domestic front, silver ready surged by Rs 600 to Rs 56,600 per kg and weekly-based delivery by Rs 535 to Rs 56,100 per kg. Silver coins held steady at Rs 61,500 for buying and Rs 62,000 for selling of 100 pieces.

Similarly, gold of 99.9 and 99.5% purity rose by Rs 70 each to Rs 21,090 and Rs 20,970 per ten grams, respectively. However, sovereigns held steady at Rs 17,500 per piece of eight grams.