Silver prices zoomed to hit a new peak of Rs 37,500 per kg in the national capital today on sustained buying by retail customers for upcoming Diwali festival amid a firm overseas trend.
Silver surpassed its previous record level of October 19 to trade higher by Rs 900 to Rs 37,500 per kg, on brisk buying by industrial units and coin manufacturers.
Similarly, gold added Rs 125 to Rs 19,925 per ten grams, moving closer to its record level of Rs 20,120 of October 15.
Trading sentiment turned bullish on sustained buying by retail customers for the upcoming Diwali and Dhanteras festivals, which witness maximum consumption of precious metals.
Silver was distinctly higher on brisk buying by coin manufacturers on account of festivals. People normally buy silver coins for Diwali puja and gifting purpose during marriages.
A firm trend in the international markets as a weak dollar increased investors demand for the precious metals as an alternative investment option, further fueled the uptrend.
Gold in overseas markets, which normally sets the price on the domestic front, added $15.70 to $1359.80 an ounce.
On the domestic front, the gold of 99.9 and 99.5 per cent purity remained in demand and advanced further by Rs 125 each to Rs 19,925 and Rs 19,825 per ten grams, respectively.
However, sovereign held steady at Rs 15,900 per piece of eight grams.
In line with a general rising trend, silver ready surged to an all-time high by adding Rs 900 to Rs 37,500 per kg and weekly-based delivery by Rs 955 to Rs 37,055 per kg.
Silver coins also shot up by Rs 300 to Rs 36,300 for buying and Rs 36,400 for selling of 100 pieces on account of the festive season.
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