Gold and silver prices zoomed to scale new all-time peaks at the bullion market in Mumbai on Tuesday on frenzied speculative buyout and strong global surge.

Silver breached the Rs 46,000 a kg mark on hectic buying by stockists, speculators as well as industrial players.

The yellow metal also received buying support from jewellers amidst ongoing marriage season demand.

In the international market, gold hit record high driven by fund buying on prospect of more US monetary easing and European debt crises amidst weakening dollar.

“Both the precious metals are turning into safe heaven bet for investors. In overseas market, the metals are surging due to persisting economic problems,” traders said.

Silver ready (.999 fineness) jumped by Rs 855 per kg to end at Rs 46,520 from overnight closing level of Rs 45,665.

Standard gold (99.5 per cent purity) firmed up by Rs 75 per ten grams to end at Rs 20,780 from Rs 20,705 on Monday.

Pure gold (99.9 per cent purity) also rose by a similar to finish at Rs 20,875 as against Rs 20,800 previously.