Gold, silver captures new peak on global cues

Mumbai: Gold and silver prices rebounded to spiral dizzying highs at the bullion market here on Tuesday on hectic stockists and speculative buying amidst sustained industrial offtake triggered by record international rally.

The white metal, silver zoomed to conquer another milestone of Rs 65,280 per kg.

In overseas trade, precious metals rose to fresh highs over downgrading US outlook by Standar&Poor and rising euro zone debt concerns.

Silver ready (.999 fineness) jumped by Rs 570 per kg to close at Rs 65,280 from Monday`s closing level of Rs 64,710.

Standard gold (99.5 purity) shot up by Rs 225 per 10 grams to end at Rs 21,665 from Rs 21,440 yesterday.

Pure gold (99.9 purity) also surged by Rs 235 per 10 grams to finish at Rs 21,775 as compared to Rs 21,540 previously.

In New York, gold for June delivery firmed up by USD 6.90 to USD 1,492.90 an ounce on the Comex division of the NYMEX yesterday.

Silver May contract added 39 cents to USD 42.95 an ounce.