Silver surges 3% to trade at Rs 50,000 a kg, its highest in over six years

Investors booked white precious metal as an alternative to gold amid expectation of an spurt in demand with gradual opening up of economy from an eight-week nationwide lockdown

The price of silver jumped by 3.33 per cent in Mumbai's spot Zaveri Bazaar on Saturday to hit the highest in six-and-a-half years as investors booked the white precious metal as an alternative to gold amid expectation of an spurt in its demand with the gradual opening up of the economy from the eight-week nationwide lockdown. 

In the spot Zaveri Bazaar, silver added Rs 1,615 to trade at Rs 50,050 a kg (without GST) on Saturday from Rs 48,435 a day earlier. This price level in rupee value was not seen after October 2013. Standard gold declined marginally to trade at