Silver scales new summit on global rally; gold also gallops

Mumbai: Silver prices shot up further and conquered yet another milestone of Rs 59,000 per kilo at the bullion market here today due to aggressive buying by speculators and traders fuelled by consistent rally at the international markets.

Gold also rebounded sharply on the back of robust investment as well as demand from stockists amidst global bullishness.

Silver ready (.999 fineness) jumped by a hefty Rs 1,320 per kg to end at Rs 59,015 from Tuesday's closing level of Rs 57,695.

Standard gold (99.5 purity) surged by Rs 235 per 10 grams to close at Rs 20,980 from Rs 20,745 yesterday.

Pure gold (99.9 purity) also spurted by a similar margin to conclude at Rs 21,080 as compared to Rs 20,845 previously.

In overseas trade, precious metals continued to rally to new highs as escalating violence across the Arab world and worsening euro zone debt crisis attracted huge safe investment buying. Gold climbed to a second...consecutive record high, while silver hit a fresh three-decade peak.

In Europe, spot gold was bid at USD 1,459.40 an ounce in early trade.

Silver was bid at USD 39.50 an ounce