Silver hit a new record by rising Rs 950 to Rs 47,450 per kg on the bullion market on Friday, after it climbed to a 30-year high overseas. Gold also extended gains and jumped up by Rs 20 to Rs 20,720 per 10 grams.
Market analysts said continued buying by jewellers and stockists in the spot market to meet the ongoing wedding season demand also influenced the prices.
Trading sentiments for both the metals turned extremely bullish after they strengthened in global markets as rising inflation and a weakening dollar fuelled demand for the metals as alternative investments.
Globally, silver rose to USD 31.94 an ounce, its highest level since 1980, while gold traded USD 2.20 up at USD 1,386.80 an ounce in Asia.
On the domestic front, silver ready shot up by Rs 950 to Rs 47,450 per kg and silver weekly-based delivery spurted by Rs 1,060 to Rs 47,375 per kg.
