Tracking global markets, silver and gold prices rallied sharply in the early trade on the local bullion market on Wednesday.

Silver crossed the Rs 35,000 a kg level for the first time ever on speculative buying by stockists on the back of firm trend in the international markets.

Gold also scaled all-time highs on heavy buying by stockists and jewellery demand amidst positive global trend.

Silver ready (.999 fineness) rose by a whopping Rs 840 per kilo to touch Rs 35,085 from overnight close of Rs 34,245.

Standard gold (99.5 purity) shot up by Rs 140 per ten grams to Rs 19,455 from Rs 19,315 on Tuesday.