Silver at a new high of Rs33k per kg

Maintaining its record-setting spree, silver prices jumped over Rs33,000 per kg in Ahmedabad on Friday, on sustained buying by stockists amid a firming global trend. The price was highest since 1980 in the international markets as well, with investors seeking protection of wealth in the metal that may benefit further from economic growth.

Gold also rallied to record high in international markets, with spot prices knocking on the door of $1,300 an ounce, as  expectations grew that further quantitative easing could lead to volatility in the currency markets. But the yellow metal retreated in the domestic market due to lack of local buying support at existing levels.

“Thanks to depreciating dollar and appreciating rupee currency, gold has remained below the Rs20,000 per 10 gram mark. On Friday, gold was traded around Rs19,350 per 10 gram in Ahmedabad,” said director of Ahmedabad Choksi Mahajan Association, Rajnikant Choksi.