Gold soars to historic level on global cues, silver tumbles

Silver tumbled following sustained selling by speculators amid reduced industrial offtake. In overseas market, the precious metals settled for record as the yellow metal jumped more than USD 25 and silver by 2 per cent over falling dollar and inflationary concerns.

Standard gold (99.5 purity) shot up by a hefty Rs 565 per 10 grams to end at Rs 22,710 from Friday's closing level of Rs 22,145.

Pure gold (99.9 purity) also surged by a similar margin of Rs 565 per 10 grams to conclude at Rs 22,815 from Rs 22,250 yesterday.

However, silver ready (.999 fineness) plunged by Rs 1,085 per kg to finish at Rs 71,825 from overnight closing level of Rs 72,910.

In New York, gold for June delivery climbed by USD 25.20 to settle at USD 1,556.40 an ounce on the Comex division of the NYMEX.

Silver for July contract also closed higher by USD 1.06 at USD 48.60 an ounce.