Gold, silver zoom to scale new highs

Mumbai: The spectacular rally in the precious metals continued as gold and silver scaled fresh peaks on heavy speculative and investment buying, backed by the buoyancy in global markets.

The yellow metal marched ahead aggressively to conquer the psychological milestone of Rs 22,000 per 10 grams boosted by sustained investment and jewellery buying amid marriage season demand.

Silver also spurted on strong speculative build-up to reach the Rs 72,980 a kilo mark.

Standard gold (99.5 purity) shot up by Rs 205 per 10 grams to close at Rs 22,030 from Friday`s closing level of Rs 21,825.

Pure gold (99.9 purity) rose by a similar margin to end at Rs 22,135 as compared to Rs 21,930 yesterday.

Silver ready (.999 fineness) sky-rocked by Rs 2,170 per kg to finish at Rs 72,980 from overnight closing level of Rs 70,810.

Traders said, the rising international trend is impacting domestic market though the global markets had a long weekend on account of Easter holidays.