Silver hit a new record by rising Rs 950 to Rs 47,450 per kg on the bullion market today, after it climbed to a 30-year high overseas. Gold also extended gains and jumped up by Rs 20 to Rs 20,720 per 10 grams.
Market analysts said continued buying by jewellers and stockists in the spot market to meet the ongoing wedding season demand also influenced the prices.
Trading sentiments for both the metals turned extremely bullish after they strengthened in global markets as rising inflation and a weakening dollar fueled demand for the metals as alternative investments.
Globally, silver rose to $31.94 an ounce, its highest level since 1980, while gold traded $2.20 up at $1,386.80 an ounce in Asia.
On the domestic front, silver ready shot up by Rs 950 to Rs 47,450 per kg and silver weekly-based delivery spurted by Rs 1,060 to Rs 47,375 per kg.
Silver coins, tracking silver, also sky rocketed by Rs 2,000 to set a new peak of Rs 56,000 for buying and Rs 56,100 for selling of 100 pieces.
Similarly, gold of 99.9 and 99.5 per cent purity added another Rs 20 each to Rs 20,720 and Rs 20,610 per 10 grams, respectively. Sovereign followed suit and gained Rs 50 to record level of of Rs 16,950 per piece of eight grams.