Gold climbs to record highs at Rs. 30,750 on seasonal demand
Gold zoomed to fresh record high of Rs. 30,750 per 10 gm in the national capital today on brisk buying by stockists and jewellers for the current wedding season and a firming global trend.business Updated: Aug 20, 2012 13:41 IST
Gold zoomed to fresh record high of Rs. 30,750 per 10 gm in the national capital today on brisk buying by stockists and jewellers for the current wedding season and a firming global trend.
Gold prices surged by Rs. 325, surpassing its previous June 15 record of Rs. 30,570. Silver also jumped up by Rs. 800 to Rs. 55,800 per kg on hectic demand by industrial units and coin makers.
Trading sentiment bolstered after gold climbed in global markets on widening euro zone debt crisis and speculation the Federal Reserve will act to spur growth, weakened dollar and boosted demand for the metal as an alternate investment.
Gold in global markets, which normally set price trend on the domestic front, gained 0.3% to US$ 1,633.60 an ounce in Singapore. Silver also climbed 0.6% to US$ 28.88 an ounce .
Traders said frantic buying by stockists and jewellers for the ongoing wedding season amid positive global cues mainly pushed the gold to record high.
Weakening Indian rupee against the American currency also made the dollar-priced metals costlier, they said.
On the domestic front, gold of 99.9 and 99.5% purity surged by Rs. 325 each to set a new peak level of Rs. 30,750 and Rs. 30,550 per 10 gm, respectively, while sovereign remained flat at Rs. 24,400 per piece of eight grams.
Similarly, silver ready spurted by Rs. 800 to Rs. 55,800 per kg and weekly-based delivery by Rs. 695 to Rs. 55,060 per kg. Silver coins continued to be asked around previous level of Rs. 64,000 for buying and Rs. 65,000 for selling of 100 pieces.