Silver scales new peak at Rs 51,450 on global cues, gold dips

Silver hit yet another high today by rising Rs 1,450 to Rs 51,450 per kg on the bullion market today on heavy speculative buying on strong global cues.

However, gold slipped from record level and fell by Rs 50 to Rs Rs 21,220 per 10 grams on reduced offtake at prevailing high levels.

The metal had touched an all-time high level of Rs 21,270 yesterday.

Trading sentiments for silver bolstered after the metal in global markets climbed to a 31-year high at $34.98 an ounce.

On the domestic front, silver ready shot up by Rs 1,450 to set a new peak of Rs 51,450 per kg and silver weekly-based delivery rose by Rs 585 to Rs 50,740 per kg.   

Silver coins followed suit and jumped by Rs 1,000 to Rs 55,500 for buying and Rs 56,000 for selling of 100 pieces. 

On the other hand, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 21,220 and Rs 21,100 per 10 grams, respectively.

However, sovereign found selective buying and moved up by Rs 70 to Rs 17,270 per piece of eight grams.