Gold, silver strikes new peak on strong global cues

Mumbai: Gold and silver prices flared up to a new record at the bullion market here on Saturday on emergence of speculative buying spree triggered by a steep rally at overseas market.

Maintaining its upward journey, silver climbed to Rs 62,000 a kg on hectic speculative build-up as well as strong industrial and consumer demand.

The yellow metal also marched higher along with silver to conquer a fresh record driven by investment buying amid jewellery demand ahead of marriage season.

Dealers said prices were skyrocketing, mainly, due to speculative nature other than demand buying, as traders followed the global trend where precious metals broke many years` record on ongoing global unrest and sliding US dollar valuations against basket currencies.

Silver ready (.999 fineness) jumped by hefty Rs 1,880 per kg to Rs 62,005 from Friday`s closing level of Rs 60,125.

Standard gold (99.5 purity) shot up by Rs 135 per 10 grams to finish at Rs 21,225 from Rs 21,090, previously.

Pure gold (99.9 purity) hardened by a similar margin of Rs 135 per ten grams to conclude at Rs 21,325 per 10 grams as compared to Rs 21,190 yesterday.

In New York, gold for June delivery rose by USD 14.80 to USD 1,474.10 an ounce on the Comex Division of NYMEX.

Silver for May delivery gained by USD 1.06 to USD 40.61 an ounce.