Silver hits record high on global cues

The bullion market commenced the new year on a promising note.

The bullion market commenced the new year on a promising note as silver prices today surged by Rs 250 to record high level of Rs 46,750 per kg on new purchases by retailers,amid the metal climbing to 30-year high in the international markets.

The white metal surged by Rs 250 to Rs 46.70 per kg as retail customers indulged in token purchases of silver objects on the first day of the new year. With a firming general trend,gold also climbed by Rs 70 to Rs 20,960 per 10 grams.

Buying activity further bolstered as the metal in overseas markets turned extremely bullish,as prices rose to a 30-year high by gaining 1.48 per cent to USD 30.91 an ounce as investors preferred to park their funds in bullion amid deepening Euro sovereign debt crisis.

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The gold in overseas markets also jumped up by USD 17.50 to USD 1,421.60 an ounce.

On the domestic front,silver ready shot up by Rs 250 to Rs 46,750 per kg,a level never seen before and silver weekly-based delivery gained Rs 155 to Rs 46,280 per kg.

Silver coins also spurted by Rs 300 to new peak of Rs 50,200 for buying and Rs 50,300 for selling of 100 pieces. Similarly,gold of 99.9 and 99.5 per cent purity climbed by Rs 70 each to Rs 20,960 and Rs 20,840 per 10 grams,respectively. Sovereign followed suit and rose by Rs 25 to record level of of Rs 16,900 per piece of eight grams.

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Gold prices

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