Silver surged to an all-time high at Rs 49,700 per kg in the bullion market on Tuesday sustained buying by stockists amid firming global trend. Gold also gained Rs 90 to Rs 20,960 per 10 grams.
Buying activity gathered momentum as silver extended gains to hit yet another 31-year high in global markets and gold scaled to a seven-week high, amid unrest in the Middle East and concern that inflation would boost demand for the precious metals.
Gold in global markets, which normally sets a price trend on the domestic front, rose to USD 1,410.75 an ounce, the highest level since January 4 and silver advanced to USD 34.31 an ounce, the highest level since 1980.
Beside, pick up in retail customers' demand in view of the ongoing marriage season also boosted market sentiments.
On the domestic front, silver rose further by Rs 200 to new peak of Rs 49,700 per kg and weekly-based delivery by Rs 240 to Rs 49,730 per kg. The metal has gained Rs 3,000 in the last three trading sessions.
However, silver coins continued to be asked around previous level of Rs 54,000 for buying and Rs 54,500 for selling of 100 pieces in restricted buying.
In line with general firming trend, gold of 99.9 and 99.5 per cent purity climbed up by Rs 90 each to Rs 20,960 and Rs 20,840 per 10 grams, respectively. Sovereign also rose by Rs 20 to Rs 17,000 per piece of eight grams.
