Gold soars to new record of Rs 18,660 on wedding season demand

Gold prices soared to an all-time high of Rs 18,660 per ten grams in the national capital today on aggressive buying by stockists and jewellers for the ongoing marriage season amid a firming global trend.

Gold prices soared to an all-time high of Rs 18,660 per ten grams in the national capital today on aggressive buying by stockists and jewellers for the ongoing marriage season amid a firming global trend.

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Prices of the precious metal zoomed by Rs 260 to Rs 18,660 and ornaments by a similar margin to Rs 18,510 per ten grams.

Sovereigns also rose by Rs 75 to Rs 14,525 per piece of 8 grams. The current surge surpassed the previous record set on December 3 last year.

The trading sentiment turned bullish after gold climbed in New York as a weaker euro revived demand for a safe haven to park funds. Last week’s decline in gold prices to the lowest level in more than two weeks boosted the investment appeal of the precious metal.

Shifting of funds from melting equity markets to rising bullion for quick gains further fuelled the uptrend, they said. The BSE benchmark Sensex plunged to near a three-month low on account of the eurozone crisis.

The global factors coincide with a boom in all-round buying by jewellers and retailers in domestic markets for the ongoing marriage season.

The price of gold in overseas markets, which normally sets the trend on the domestic front, recorded handsome gains of USD 15.30 to USD 1,192.30 an ounce in New York last evening.

However, silver ready lacked the necessary buying support and fell by Rs 100 to Rs 28,950 per kg and weekly-based delivery by Rs 25 to Rs 28,635 per kg. Silver coins prices held steady at Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.