Silver sparkles on record high, gold glitters on global cues

Silver prices zoomed to touch a record high by gaining Rs 800 to Rs 44,700 per kg in the bullion market today on increased buying by industrial units and coins makers, while gold rose on firm global cues.

Trading sentiment turned extremely bullish after gold in overseas markets topped $1,400 an ounce and silver rose 0.84 cents to a 30-year high to $29.38 an ounce as the slumping dollar boosted appeal of the precious metals as alternative investments.

Gold in global markets, which normally set a price trend on the domestic front here, recorded a handsome gains of $29.60 to $1414.50 an ounce.

Rising demand for silver on brisk buying by industrial units remained a positive factor for the metal and helped in setting record high level.

Silver ready sky-rocketed by Rs 800 to set a new peak of Rs 44,700 per kg and weekly-based delivery by Rs 885 to 44,225 per kg, a level never seen before.

Silver coins also climbed to an all-time high by rising Rs 400 to Rs 46,800 for buying and Rs 46,900 for selling of 100 pieces.

In line with a general firm trend, the gold of 99.9 per cent purity jumped up by Rs 230 to Rs 21,000 per ten grams, reaching more close to its record level of Rs 21,020 set on December one.

In a similar fashion, the gold of 99.5 per cent purity spurted by Rs 230 to Rs 20,880 per ten grams, while sovereign gained Rs 50 to Rs 16,750 per piece of eight grams.