Gold, silver hit new highs

Gold, silver hit new highs

Mumbai: Continuing its record-breaking spree, silver hit a new milestone of 69,410 per kg in Mumbai on Thursday on heavy speculative build-up and rising industrial buying, triggered by uninterrupted overseas rally.

Gold also marched ahead to climb new peak on persistent buying from stockists.

Silver ready (.999 fineness) jumped by a hefty 2,230 per kg to close at 69,410 from Wednesday’s closing level of 67,180.

Standard gold (99.5 purity) rose by 40 per 10 gram to finish at 21,760 from 21,720 on Wednesday. Pure gold (99.9 purity) added 35 per 10 gram to close at 21,860 compared with 21,825 on Wednesday.

In international market, gold and silver prices continued to soar on the back of dollar falling to a three-year low against the basket of currencies amidst rising oil prices.

In Europe, spot gold was bid at $1,506.80 an ounce in early trade as against $1,498.15 late in New York on Wednesday. US gold future for June delivery strengthened by $8.9 an ounce to $1,507.80.

Silver was bid at $46.21 an ounce as compared with $45.20.