Gold, silver scale new highs at opening on global trend

Both the precious metals sparkled on the bullion market here today with the yellow metal touching its new peak and the white metal breaking Rs 46K-mark in early trade on hectic buying from stockists propelled by sharp rise in the global market.

Sustained buying in view of marriage season also boosted the market sentiment.

Gold futures settled at a record high yesterday in New York on uncertainty about European sovereign debt problems and expectations of more US dollar weakness in the near term.

Gold for February delivery gained by $9.90 to $1,416.10 an ounce on the Comex Division of the New York Mercantile Exchange. Silver for March delivery added 46 cents, to $29.73 an ounce.

Turning to domestic market, silver ready (.999 fineness) shot up by Rs 340 per kilo to open at a new peak of Rs 46,005 from its preceding close of Rs 45,665.

Standard gold (99.5 purity) resumed at a new high of Rs 20,765 from its previous close of Rs 20,705, showing a gain of Rs 60 per ten grams.

Pure gold (99.9 purity) also firmed up by Rs 65 per ten grams to open at Rs 20,865 from its last close of Rs 20,800.