Silver regains peak level of Rs54,600; gold up by Rs115

Silver regained its peak level by rising Rs300 to Rs54,600 per kg today on brisk buying for seasonal demand, amid a firm global trend. Gold also surged Rs115 to Rs21,310 10 grams.

Silver recovered to the peak level last seen on March 10, as trading sentiments bolstered after precious metals came in demand in the global market in the aftermath of Japan's strongest earthquake and intensifying violence in Libya.

Besides, hectic buying by retail customers for the ongoing marriage season further fuelled the uptrend.

On the domestic front, silver ready surged Rs300 to Rs54,600 per kg and silver weekly-based delivery by Rs40 to Rs54,050 per kg.

However, silver coins dropped by Rs500 to Rs58,200 for buying and Rs58,700 for selling of 100 pieces on reduced offtake at existing high levels.

In line with a general firming trend, gold of 99.9 and 99.5% purity shot up by Rs 115 each to Rs21,310 and Rs21,190 per 10 grams, respectively. Sovereigns also gained Rs50 to Rs17,500 per piece of eight grams in restricted deals.