Silver hits new high at Rs 57,500 on global cues

New Delhi, Apr 5 (PTI) Silver zoomed to a new high today by rising Rs 500 to Rs 57,500 per kg on hectic buying by stockists and jewellers for the ongoing ''Navratra'' festival, amid a firming global trend. Gold, also, gained Rs 30 to Rs 21,150 per 10 grams.

Shifting of funds from weakening equities to the firming bullion market further fulled the uptrend in precious metals.

Trading sentiments for the white metal remained bullish as it reached a 31-year peak in global markets on rising oil and grain prices fanning concerns that inflation is accelerating, supporting demand for the precious metal as an alternative investment.

Silver climbed by 0.6 per cent to USD 38.78 an ounce, the highest level since 1980 and gold by 0.4 per cent to USD 1,439.10 an ounce.

On the domestic front, silver shot up by Rs 500 to Rs 57,500 per kg and weekly-based delivery by Rs 525 to Rs 57,100 per kg. Silver coins followed suit and spurted by Rs 500 to a new peak of Rs 63,000 for buying and Rs 63,500 for selling of 100 pieces.

Similarly, gold of 99.9 and 99.5 per cent purity remained in demand and advanced by Rs 30 each to Rs 21,150 and Rs 21,030 per 10 grams, respectively. Sovereigns, too, held steady at Rs 17,500 per piece of eight grams.

PTI