Silver zooms by Rs 360 to Rs 18,445/kg

Silver prices zoomed by Rs 360 per kilogram to hit a new high of Rs 18,445 at the opening session in the bullion market in Mumbai due to heavy stockists' buying followed by firm overseas advices.

Gold also started smartly higher on heavy demand. Ready silver (.999 fineness) started the day sharply higher at Rs 18,445, a notable gain of Rs 360 from the previous weekend close of Rs 18,085 as stockists bought heavily after the metal rallied to $12.34 per ounce from $11.90 in the global market during early trading.

Standard gold (99.5 purity) and pure gold (99.9 purity) opened at Rs 8655 and Rs 8700 respectively, showing a smart gain of Rs 80 each from the last weekend close. In the international market, gold opened notably higher at $594.60 per ounce from the previous level of $587.30.