Silver close to record high; gold spurts by Rs 125/10 gms

Silver prices today spurted by Rs 1,100 to Rs 45,400 per kg, a tad below its all-time record level of Rs 45,500, in the bullion market here today on hectic demand for the metal from industrial units and coins makers.

Gold prices also rose by Rs 125 to Rs 20,895 per ten grams with jewellery makers buying afresh to meet the demand in the ongoing marriage season.

Silver prices continued to surge on increased offtake by coin makers, traders said.

After gaining Rs 400 yesterday, silver ready shot up by Rs 1,100 to Rs 45,400 per kg today. 

Silver weekly-based delivery rose by Rs 1,135 to Rs 44,970 per kg.

Silver coins too spurted by Rs 400 to Rs 49,300 for buying and Rs 49,400 for selling of 100 pieces. They said sustained buying by retailers and jewellers also contributed to the surge as coins are much in demand during the marriage season.

On the domestic front, the gold of 99.9 and 99.5 per cent purity rose by Rs 125 each to Rs 20,895 and Rs 20,775 per ten grams, respectively. Sovereign was also inched up by Rs 50 to Rs 16,800 per piece of eight grams.   

They added a firm trend overseas also aided gold prices to go up. The metal added 0.6 per cent to $1,402.32 an ounce in Singapore.