Silver spikes to Rs 58,400 on global cues

Silver continued its winning streak for the third straight session and surged Rs 900 to hit yet another high of Rs 58,400 per kg on Wednesday on sustained heavy buying by stockists, driven by a firm global trend.
Silver coins also rose by Rs 1,500 to scale a new peak of Rs 64,500 for buying and Rs 65,000 for selling of 100 pieces.
Gold also rose by Rs 150 to Rs 21,300 per 10 grams on heavy buying by retail customers for the ongoing 'Navratra' festival.
Trading sentiments turned bullish in overseas markets, as silver rose to a 31-year high and gold to a record level as the sovereign-debt crisis in Europe deepened, after Moody's Investors Service cut Portugal's credit rating and higher grain and oil prices worsened the inflation outlook.
In global markets, gold rose by 1.55 per cent to USD 1,457.80 an ounce and silver by 1.79 per cent to USD 39.28...