Silver climbs to new high, gold slips

Mumbai: Silver prices continued its record momentum to scale new highs at the bullion market here on Friday on persistent buying by stockists and investors, amid heavy speculative buildup and firm overseas market.

On the other hand, gold witnessed profit taking and reacted downwards on hectic offerings by stockists on the back of subdued local buying interest at higher levels.

Silver ready (.999 fineness) rose by Rs 55 per kg to end at Rs 52,115 from yesterday`s closing level of Rs 52,060.

However, standard gold (99.5 purity) dropped by Rs 175 per 10 grams to close at Rs 20,795 as compared to Rs 20,970 previously.

Pure gold (99.9 purity) also declined by a similar margin to settle at Rs 20,895 per 10 grams from Rs 21,070 on Thursday.

In Europe, spot gold was bid at USD 1,418.55 an ounce in early trade as against USD 1,415.59 late in New York on yesterday.

Spot silver was bid at USD 34.49 an ounce as against USD 34.17.