Gold, silver strikes new peak on strong global cues


Mumbai: Gold and silver prices flared up to a new record at the bullion market on emergence of speculative buying spree triggered by a steep rally at overseas market. Maintaining its upward journey, silver climbed to 62,000 a kg on hectic speculative build-up as well as strong industrial and consumer demand. The yellow metal also marched higher along with silver to conquer a fresh record driven by investment buying amid jewellery demand ahead of marriage season. Dealers said prices were skyrocketing, mainly, due to speculative nature other than demand buying, as traders followed the global trend where precious metals broke many years' record on ongoing global unrest and sliding US dollar valuations against basket currencies. Silver ready (.999 fineness) jumped by hefty Rs 1,880 per kg to Rs 62,005 from Friday's closing level of Rs 60,125.
Source: PTI