Silver hits new record high, gold moves up further

Silver prices marched to hit a new record high at the bullion market here today on hectic buying by speculators and stockists amid industrial demand coupled with bullish overseas markets.

Gold also firmed up on continued local buying interest as well as marriage demand.

Silver ready (.999 fineness) jumped by hefty Rs 350 per kilo to close at Rs 47,560 from last Saturday's closing level of Rs 47,210.

Standard gold (99.5 per cent purity) moved up by Rs 35 per 10 grams to finish at Rs 20,680 as against Rs 20,645 previously.

Pure gold (99.9 per cent purity) looked up by a similar margin of Rs 35 per 10 grams to conclude at Rs 20,780 as against 20,745 last weekend.

In Europe, gold and silver shot up due to worries over euro zone debt and concerns over potential inflation in developing economies.

Spot gold was bid at $1,420.40 an ounce in early trade as against $1,419.45 late in New York on Friday. Silver was bid a 30-year high of $31.04 an ounce as against $30.86.