Silver prices scale new high, crosses Rs 75000 per kg

New Delhi: Gold and Silver prices are witnessing newer highs in line with a strong rally in international price of the precious metal.

Silver prices saw new high on Thursday, jumping Rs 1,932 to Rs 75,755 per kg in the national capital from Rs 73,823 per kg in the previous trade. Gold prices rose by Rs 225 to Rs 56,590 per 10 gram in the national capital on Thursday, according to HDFC Securities.

The precious yellow metal had closed at Rs 56,365 per 10 gram in the previous trade.

Spot gold prices for 24 carat in Delhi rose by Rs 225 with strong rally in international prices. In the international market, gold was trading with gains at USD 2,045.70 per ounce, while silver was quoting at USD 27.57 per ounce.

Meanwhile, in futures trade, Silver futures for September delivery contract jumped 5.18 percent to Rs 75,620 per kg at 17:12 hours on a business turnover of 15,882 lots as participants widened their bets on firm spot demand and global cues.

As per the analysts the rise in silver prices was mostly due to fresh positions built up by participants on a positive domestic trend.

In the international market, Silver, meanwhile, gained 2.8% to $27.78 per ounce having hit its highest since April 2013 at $27.85. Platinum rose 0.9% to $975.80 and palladium was up 1% at $2,203.25.