Silver scales new peak

Frantic buying drives rates to Rs 54,600 per kg

Gold also rose by Rs 60 to Rs 21,320 per 10 grams on pick up in local demand for the ongoing marriage season. Buying activity gathered momentum on renewed concern about the euro debt crisis and inflationary pressures that might curb global economic growth.

In global markets, silver rose by 0.22 per cent to $36.17 an ounce, its highest level since 1980 and gold surged 0.09 per cent to $1430.20 an ounce. On the domestic front, silver ready surged Rs 300 to Rs 54,600 per kg and weekly-based delivery rose by Rs 310 to Rs 54,180 per kg.

Coins also spurted by Rs 800 to record high of Rs 59,100 for buying and 59,600 for selling of 100 pieces. In line with a general firming trend, gold of 99.9 and 99.5 per cent purity rose by Rs 60 each to Rs 21,320 and Rs 21,200 per 10 grams, respectively. Sovereign ended flat at Rs 17,500 per piece of eight grams in restricted deals.