Silver hits another historic high, gold surges

Mumbai, Feb 21 (PTI) Silver prices jumped further tocreate yet another historical high and came within a strikingdistance of psychologically important Rs 50,000 per kg levelat the bullion market here today on aggressive speculationsand stockists'' driven buying spree.

Gold too surged owing to consistent buying by stockistsand jewellers amidst good retail off-take.

"Trading sentiment turned highly bullish after theprecious metals hit multi-month highs in overseas trade onconcerns over spreading unrest in the Middle East fuellingsafe-haven bet," traders said.

The sudden spurt was mainly attributed to rising globalvaluations as trading resumed on domestic market after astretched weekend (Saturday being a state holiday), asspeculators were not able to take positions, they added.

Silver ready (.999 fineness) zoomed by massive Rs 1,975per kg to end at Rs 49,955 from last Friday''s closing level of47,980.

Standard gold (99.5 per cent purity) spurted by Rs 165per 10 grams to close at Rs 20,595 from Rs 20,430 previously.

Pure gold (99.9 per cent purity) also rose by Rs 160 per10 grams to conclude at Rs 20,695 as against Rs 20,535 lastFriday.

In Europe, spot gold was bid at USD 1,399.60 in earlytrade as against USD 1,388.58 late in New York on Friday.

Silver was bid at USD 33.36 as compared to USD 32.46 anounce.