Gold soars to new high of Rs 23,690 on firm global cues
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Gold soars to new high of Rs 23,690 on firm global cues

Last Updated: Tuesday, August 02, 2011, 15:33
 
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Gold soars to new high of Rs 23,690 on firm global cues

New Delhi: Gold set a new record at Rs 23,690 per 10 grams in the national capital Tuesday, by adding Rs 210, on buying by stockists and investors, driven by a firm trend in overseas markets.

Silver also rose smartly by Rs 600 to Rs 58,600 per kg on increased buying by speculators and industrial units.

Silver coins followed suit and jumped up by Rs 2,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.

Trading sentiments turned extremely bullish after gold climbed towards a record in New York as concern that global economic growth may be slowing, spurred demand for wealth protection.

Gold in global markets, which normally sets a price trend on the domestic front, gained 0.4 per cent to USD 1,625.20 an
ounce, advancing to its all-time high of USD 1,632.80 set on July 29.

In addition, jewellers enlarged their positions to meet the ongoing festival demand, which further fuelled the uptrend.

On the domestic front, gold of 99.9 and 99.5 percent purity advanced by Rs 210 each to an all-time-high of Rs 23,690 and Rs 23,570 per 10 grams, respectively.

However, sovereigns continued to be asked around previous level of Rs 19,000 per piece of eight grams.

Similarly, silver ready shot up by Rs 600 to Rs 58,600 per kg and weekly-based delivery added Rs 520 to Rs 58,720 per kg.

PTI




First Published: Tuesday, August 02, 2011, 15:33


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