Gold and silver soar to all-time high

Mumbai: Silver galloped to cross the magical Rs 50,000 per kilo mark in opening trade at the bullion market here today on emergence of frantic buying by stockists and speculators sparked by a surge in global market.

Gold also surpassed its all-time peak to set a new historic high on its opening trade to reach Rs 20,835 per 10 grams, triggered by aggressive buying by investors as well as marriage season-driven demand.

In global market, gold rose to a more than seven-week high on escalating unrest in Libya and soaring crude oil prices. Inflation worries and slower economic growth also boosted the precious metals as safe haven bets.

In domestic trade, silver ready (.999 fineness) jumped by Rs 800 per kg to commence at Rs 50,270 from Wednesday`s closing level of Rs 49,470.

Standard gold (99.5 purity) spurted by 200 per 10 grams to resume at Rs 20,835 from Rs 20,635 yesterday.

Pure gold (99.9 purity), too, rallied by a similar margin to open at Rs 20,935 as against 20,735 previously.