Silver scales new peak at Rs54,600 per kg, gold up by Rs60

Silver surpassed all its previous records today and surged Rs 300 to touch a new high at Rs54,600 per kg on frantic buying, driven by firm global trends. Gold also rose by Rs60 to Rs21,320 per 10 grams on pick up in local demand for the ongoing marriage season.

Buying activity gathered momentum on renewed concern about the euro debt crisis and inflationary pressures that might curb global economic growth, raising demand for precious metals as a safe haven.

In global markets, silver rose by 0.22% to $36.17 an ounce, its highest level since 1980 and gold surged 0.09% to $1430.20 an ounce.

On the domestic front, silver ready surged Rs300 to Rs54,600 per kg and weekly-based delivery rose by Rs310 to Rs54,180 per kg.

Silver coins also spurted by Rs 800 to record high of Rs59,100 for buying and 59,600 for selling of 100 pieces.

In line with a general firming trend, gold of 99.9 and 99.5% purity rose by Rs60 each to Rs21,320 and Rs21,200 per 10 grams, respectively. Sovereign ended flat at Rs17,500 per piece of eight grams in restricted deals.