Silver zooms to Rs 58,300, gold up by Rs 150

Both the precious metals, silver and gold extended gains for the third straight session today on sustained buying by stockists and jewellers for the ongoing marriage season, amid a firming global trend.

While silver surged Rs 2,300 to Rs 58,300 per kg, gold shot up by Rs 150 to Rs 22,420 per 10 grams.

Trading sentiments remained firm as the white metal bounced back from its worst weekly drop since 1975 in global markets, after Standard and Poor's cut Greece's credit ratings by two levels to B, reigniting haven demand.

In global markets, silver jumped up by 2.1% to $37.90 an ounce and gold rose by $1.90 to $1,515 an ounce.

Besides, pick up in seasonal demand further enthused the market sentiment to some extent.

On the domestic front, silver ready remained in hectic demand and rose by Rs 2,300 to Rs 58,300 per kg. It has shot up by Rs 2,800 in the previous two sessions. Silver weekly-based delivery also rose by Rs 1,635 to Rs 57,500 per kg.

Silver coins also spurted by Rs 2,500 to Rs 63,500 for buying and Rs 64,500 for selling of 100 pieces.

In line with a general firming trend, gold of 99.9 and 99.5% purity climbed by Rs 150 each to Rs 22,420 and Rs 22,300 per 10 grams, respectively. It had gained Rs 150 in the last two trading sessions.

Sovereigns followed suit and added Rs 50 to Rs 18,450 per piece of eight grams.