Silver rallies to all-time peak of Rs 30,625

Silver prices rallied further by Rs 365 per kilo to an all-time high of Rs 30,625 in early trade in the Bullion market here today following persistent industrial and stockists demand, triggered by rise in the global markets.

Silver is mostly used by electronic and photo industries.

Gold also firmed up further in line with silver prices.

Silver ready (.999 fineness) shot up to historic highs of Rs 30,625 as against overnight close of Rs 30,260, a net surge of Rs 365 per kilo after gaining a whopping Rs 770 on August 25. Previously, the top was Rs 30,385 registered on June 28, 2010.

Standard gold (99.5 purity) also moved up by Rs 25 per ten grams to resume at Rs 18,940 from Rs 18,915 yesterday.

Pure gold (99.9 purity) also firmed up by a similar margin to quote at 19,030 from Rs 19,005.

Fears of economic gloom and doom helped gold rise to a seven-week high and silver posted its best finish in eight weeks in New York yesterday. Gold for December delivery added $7.90 to $1,241.30 an ounce on the Comex division of the New York Mercantile Exchange.

Silver for September delivery added 65 cents to $19.03 an ounce.