Gold sets new record at Rs 31,300 on strong global cues
New Delhi: Buoyed by a strong rally overseas, gold rose to touch a new high of Rs 31,300 per 10 grams in the bullion market here on Saturday.
Gold added Rs 185, registering gains for the sixth day in a row, while silver added Rs 950 to Rs 57,800 per kg on increased buying.
Silver coins also spurted by Rs 2,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces on strong demand.
Traders said gold's rally in the global markets where it recorded biggest weekly gain since January amid speculation that the Federal Reserve will take additional steps to spur the economy, boosting the metal's demand as an inflation hedge, influenced trading sentiments.
In New York, the yellow metal rose by USD 2.10 to USD 1,674.90 an ounce, posting its biggest weekly gain since January 27. Silver also rose 0.5 percent to USD 30.70 an ounce.
Buying by retail customers for the coming marriage season and investors also supported the uptrend in precious metals, traders said.
On the domestic front, gold of 99.9 and 99.5 percent purity added Rs 185 to touch record levels of Rs 31,300 and Rs 31,100 per 10 grams, respectively. The metal has gained Rs 675 in last five sessions.
Sovereign held steady at Rs 24,700 per piece of eight grams.
Silver ready spurted by Rs 950 to Rs 57,800 per kg and weekly-based delivery by Rs 720 to Rs 57,200 per kg.