Silver breaches 31 yr high at Rs 53,200
Silver set a new record on Saturday by rising Rs 1,600 to Rs 53,200 per kg on brisk buying by speculators, amid firm global trends.
Gold, also, surged Rs 175 each to Rs 21,220 per 10 grams on increased demand due to the ongoing marriage season.
In global markets, silver rose to a 31 year high level of USD 35 an ounce.
Trading sentiments for the yellow metal turned bullish due to mounting tension in Libya, increasing its appeal as an alternate investment. It rose by USD 17.50 to USD 1432.80 an ounce.
On the domestic front, silver ready rallied by Rs 1,600 to an all time high of Rs 53,200 per kg and the metal's weekly based delivery shot up by Rs 655 to Rs 52,300 per kg.
Similarly, gold of 99.9% and 99.5% purity surged by Rs 175 each to Rs 21,220 and Rs 21,100 per 10 grams, respectively.
However, silver coins continued to be asked on previous levels of Rs 55,800 for buying and Rs 56,300 for selling of 100 pieces in limited deals.
Sovereigns also traded up by Rs 100 to Rs 17,300 per piece of eight grams.