Silver shines to new record high at Rs 47,450 on global cues

New Delhi, Feb 18 (PTI) Silver hit a new record by risingRs 950 to Rs 47,450 per kg on the bullion market today, afterit climbed to a 30-year high overseas. Gold also extendedgains and jumped up by Rs 20 to Rs 20,720 per 10 grams.

Market analysts said continued buying by jewellers andstockists in the spot market to meet the ongoing weddingseason demand also influenced the prices.

Trading sentiments for both the metals turned extremelybullish after they strengthened in global markets as risinginflation and a weakening dollar fuelled demand for the metalsas alternative investments.

Globally, silver rose to USD 31.94 an ounce, its highestlevel since 1980, while gold traded USD 2.20 up at USD1,386.80 an ounce in Asia.

On the domestic front, silver ready shot up by Rs 950 toRs 47,450 per kg and silver weekly-based delivery spurted byRs 1,060 to Rs 47,375 per kg.

Silver coins, tracking silver, also sky rocketed by Rs2,000 to set a new peak of Rs 56,000 for buying and Rs 56,100for selling of 100 pieces.

Similarly, gold of 99.9 and 99.5 per cent purity addedanother Rs 20 each to Rs 20,720 and Rs 20,610 per 10 grams,respectively. Sovereign followed suit and gained Rs 50 torecord level of of Rs 16,950 per piece of eight grams.