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Gold regains record level of Rs23,620 on firm global cues

Gold regains record level of Rs23,620 on firm global cues
PTI
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First Published: Sat, Jul 30 2011. 03 10 PM IST
Updated: Sat, Jul 30 2011. 03 10 PM IST
New Delhi: Gold prices surged by Rs150 to regain its record level of Rs23,620 per 10 grams in the national capital on Saturday on brisk buying by stockists and investors, driven by a firming global trend.
Silver followed suit and jumped by Rs600 to Rs58,600 per kg on fresh buying by speculators and industrial units.
Trading sentiment bolstered as gold climbed to all-time high of $1,637.50 overseas on demand for an investment haven amid mounting concerns on the US debt impasse and signs of a faltering global economy.
In addition, fresh buying by local parties and jewellery manufacturers for the coming festival season further fuelled the uptrend.
On the domestic front, gold of 99.9 and 99.5% purity shot up by Rs150 each to Rs23,620 and Rs23,500 per 10 grams, respectively, a level last seen on 25 July.
Sovereigns followed suit and rose by 100 to touch a new peak of Rs19,000 per piece of eight grams.
Similarly, silver ready and weekly-based delivery jumped up by Rs600 each to Rs58,600 and Rs58,920 per kg, respectively.
However, silver coins met with resistance at prevailing high levels and lost Rs500 to Rs64,500 for buying and Rs65,500 for selling of 100 pieces.
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First Published: Sat, Jul 30 2011. 03 10 PM IST
More Topics: Gold | Buliion | Silver | Markets | Commodity |