New Delhi, Feb 29: Silver today crossed the coveted Rs 60,000-mark to touch an over seven-month high on brisk buying by industrial units and silver-coins makers in line with a steep hike in overseas markets.
Silver zoomed by Rs 2,050 to Rs 60,500 per kg, a level seen on August 17 last year, as the metal in overseas markets climbed to a five-month high, driving demand in the local market.
In London, silver shot up by 0.6 per cent to USD 37.22, the highest level since September 22 last year. It has risen by 12 per cent this month, taking its advance this year to 33 per cent.
“Silver remained in keen demand following liquidity in the market... Investors find bullion as the best bet when equities are volatile,” Surender Jain, general secretary of All India Sarafa (Bullion) Association, said.
Increased buying by stockists for the marriage season and speculators purchasing to clear their positions on ending of settlement on the Multi Commodity Exchange, further supported the trend significantly, he added.
On the domestic front, silver ready recorded a steep rise of Rs 2,050 to Rs 60,500 per kg, while weekly-based delivery by Rs 2,520 to Rs 61,170 per kg.
Silver coins also advanced by Rs 2,000 to Rs 7,4000 for buying and Rs 75,000 for selling of 100 pieces.
In addition, a rising demand for the ongoing marriage season and investors shifting their funds form volatile equities to bullion further supported the uptrend.
With the general firming trend, gold of 99.9 and 99.5 per cent purity maintained their upward march for the third straight day and climbed by Rs 120 each to Rs 29,060 and Rs 28,920 per 10 grams, respectively.
The metal had gained Rs 75 in last two trading sessions. Sovereigns followed suit and rose by Rs 50 to Rs 23,550 per piece of eight grams.