Silver zooms to climb another milestone, gold hits new high

Silver prices zoomed to capture another milestone of Rs 52,000 per kilo at the bullion market here today on sustained speculative and investment buying sparked by strong global cues.   

Gold also hit another record peak on heavy stockist buying as well as jewellers amidst marriage seasonal demand.

At the global level, the precious metals rallied with new high yesterday on geopolitical instablity in Middle East and fear of inflationary concerns.

'The rising demand for silver from industrial users and heavy investment buying and rising international valuation in the metal skyrocketing the prices', traders said.     

In the domestic market, silver ready (.999 fineness) jumped by a hefty by Rs 1,055 per kg to close at Rs 52,060 from Tuesday's closing level of Rs 51,005.

Standard gold (99.5 purity) shot up by Rs 200 per 10 grams to end at Rs 20,970 as against Rs 20,770 previously.  

Pure gold (99.9 purity) also hardened by a similar margin to finish at Rs 21,070 per 10 grams from Rs 20,870 on Tuesday. 

In New York, gold for April delivery rose by $6.50 to settle at a record $1,437.70 an ounce on the Comex division of the NYMEX yesterday. Silver added 41 cents to end at $34.84 an ounce highest close in 31 years.