Silver at all-time high of Rs 63,200

Both silver and gold set new records on the bullion market on Friday on hectic buying by stockists for the coming marriage season amid firm global cues.

While silver spurted by Rs 2,700 to a new high of Rs 63,200 a kg, gold gained Rs 280 to touch an all-time high of Rs 21,710 per 10 gm.

Trading sentiment turned extremely bullish, as gold and silver soared to a record levels in 31 years in global markets, as inflation in China accelerated, underscoring the challenge that central bankers worldwide face in combating rising prices. Weekly-based delivery silver surged by Rs 2,775 to Rs 62,435 a kg. Silver coins followed suit and spurted by Rs 2,000 to Rs 68,500 for buying and Rs 69,000 for selling of 100 pieces.

 

In line with a general firm trend, gold of 99.9 and 99.5 per cent purity flared by Rs 280 each to Rs 21,710 and Rs 21,590 per 10 gm, respectively. Sovereign also gained Rs 50 to Rs 17,750 per piece of 8 gm.

LME GOLD AT RECORD
Reuters adds: Gold jumped to another record high on Friday after the dollar fell to its lowest since late 2009 against a basket of major currencies, taking silver to a 31-year high, while inflation pressures in China also helped lift bullion’s appeal.

China’s turbo-charged growth eased just a touch in the first quarter, while its inflation jumped to a 32-month high, putting pressure on the government to do more to rein in prices and keep the economy on an even keel.

Spot gold was steady at $1,472.50 ounce by 0824 GMT , having hit a record high of $1,479.01 an ounce.