Silver surges to new peak

MUMBAI: Silver prices zoomed to hit a record high of Rs 30,760 per kilo at the bullion market here on Thursday due to strong buying by stockists and industrial users amidst rising trend in the overseas markets too.

The white metal is witnessing the rally for the second straight day, which has been attributed to surge in global movements supported by domestic speculative activity.

The two-day surge has made silver costlier by a whopping Rs 1,270 per kilo, overtaking gold in value terms. Silver ready (.999 fineness ) spurted by Rs 500 per kilo to close at Rs 30,760 from Wednesday's closing level of Rs 30,260. The previous alltime high was Rs 30,385.

Gold also firmed up on renewed local buying interest amid taking cues from international trend. Standard gold (99.5 purity) rose by Rs 55 per ten grams to close at Rs 18,970 from Wednesday's closing level of Rs 18,915.

Pure gold (99.9 purity) hardened by Rs 65 per ten grams to Rs 19,070 as against Rs 19,005 previously. In Europe , gold rose for third day triggered by investors concern over the global outlook for economic growth. Silver has also risen to its highest level in two months.