Gold hits record high of Rs 33,600; zooms over Rs 1,700

Gold hits record high of Rs 33,600; zooms over Rs 1,700 Zee Media Bureau/Ajeet Kumar

New Delhi: Gold price hit its all-time high of Rs 33,600 per 10 grams Tuesday on sustained buying as rupee plunged to its new record low of 66.25 against the US dollar.

Market participants also enlarged their positions in line with a firming trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in October zoomed by Rs 1,701 to Rs 33,577 per ten grams as against its previous close of Rs 31,876.

Similarly, silver for delivery in September spurted by Rs 3,133 to Rs 56,920 per kg.

Gold price in overseas markets, which normally set price trend on the domestic front, held above USD 1,420 an ounce today, hovering near its highest in 11 weeks, supported by weak US data that traders hoped could stymie the US Federal Reserve's plan to taper its stimulus measures this year.

Spot gold last traded up USD 16.10 at USD 1,420 per ounce after hitting an intra-day high of USD 1,425

In New York, gold for December delivery rose by USD 2 or 0.2 percent to settle at USD 1,393.10 an ounce after briefly pushing past USD 1,400 on the Comex division of the NYMEX yesterday.