Silver retreats from all-time high, gold gains

Mumbai, Feb 22 (PTI) Gold prices firmed up but silverprices retreated on heavy unwinding by stockists andspeculators at the bullion market here today, following asteep fall in global markets.

In overseas trade, silver came under pressure in linewith other industrial commodities where the prices crashedafter hitting a three-decade high yesterday amid strengtheningdollar valuations due to escalating violence in the MiddleEast.

Meanwhile, domestic gold firmed up further on localbuying interest coupled with marriage seasonal offtake.

Silver ready (.999 fineness) plunged by Rs 540 per kg toend at Rs 49,415 from Monday''s closing level of Rs 49,955.

However, standard gold (99.5 per cent purity) gained byRs 25 per 10 grams to finish at Rs 20,620 from Rs 20,595yesterday.

Pure gold (99.9 per cent purity) also moved up by similarmargin to settle at Rs 20,720 as compared to Rs 20,695previously.

In Europe, spot gold was sold at bid price of USD1,394.14 in early trade while silver was sold at USD 32.39an ounce.