Silver vaults to Rs 50K tag, gold conquers fresh highs

Mumbai, Feb 24 (PTI) The precious metals witnessed aunhindered sprint at the bullion market conquering new highson aggressive buying by speculators and stockists ignited byhighly bullish global sentiment.

Gold prices which surged to hit a new peak, just fellshort of an important psychological Rs 21,000 per 10 gramsmark on the back of heavy buying by investors as well asstockists.

Silver prices crossed the fancy Rs 50,000 per kg levelresponding to panic buying by savvy traders, amid strongindustrial support.

In global market, gold rose to a seven-week high onescalating violence in Middle East which propelled the crudeoil prices to 2.5 years high, resulting into soaringinflationary worries. Silver touched three decade highs.

In domestic trade, silver ready (.999 fineness) vaultedby Rs 1,045 per kg to close at Rs 50,515 from Wednesday''sclosing level of Rs 49,470.

Standard gold (99.5 purity) shot up by 325 per 10 gramsto end at Rs 20,960 from Rs 20,635 yesterday.

Pure gold (99.9 purity), spurted by Rs 330 per 10 gramsto finish at Rs 21,065 as against 20,735 previously.

In Europe, Spot gold was bid at USD 1,414.45 an ouncein early trade and spot silver was bid at USD 33.37 an ounce.