Silver rises to record Rs46,700 per kg in capital

Silver prices yesterday rose to another record level of Rs46,700 per kg in the national capital today, fuelled by a rally in overseas markets and increasing local demand.

Gold also was up by Rs35 at Rs20,990 per ten grams. This falls marginally short of the yellow metal's record price of Rs21,050, set on 7 December.

Silver was up by Rs500 at Rs46,700 per kg, in line with a gain of Rs1,200 in the last session.

Trading sentiment in global markets has been bullish with gold and silver climbing to three-week and 30-year highs respectively as investors seek to shield their wealth from depreciating currencies and inflation. 

In the overseas market, gold was up by 0.2 per cent to $1,414.68 an ounce even as silver gained 0.9 per cent to $30.85 an ounce, the highest level since March 1980.

Also, sustained local buying for the marriage season added to the support for the precious metals' rise at home.

The domestic market saw the yellow metal of 99.9 and 99.5 per cent purity rise by Rs35 each to Rs20,990 and Rs 20,870 per ten grams. It had gained Rs165 in the previous session, with sovereign following suit and adding Rs25 to a record level of Rs16,875 per piece of eight gram.

Silver ready was up by Rs500 to Rs46,700 per kg, a level not seen earlier while silver weekly-based delivery moved up by Rs465 to a record high of Rs46,265 per kg. Silver coins too shot by Rs300 to new peak of Rs50,000 for buying and Rs50,100 for selling of 100 pieces.