Mumbai: Gold once again sparkled to hit a new peak on the bullion market here on Tuesday following hectic buying by stockists and retail investors amid bullish global cues.
“A good local demand due to ongoing marriage season supported the (rise in the price of the) precious metal ,” traders said.
Sluggish equities and weakening rupee compelled the investors to go for alternate safe investment like gold, they added.
Silver too, improved further on sustained industrial demand.
Standard gold (99.5 purity) spurted by Rs325 per ten grams to end at Rs18,475 from overnight closing level of Rs18,150.
Pure gold (99.9 purity) also moved up by a similar margin to finish at Rs18,560 as against Rs18,235 previously.
Silver ready (.999 fineness) rose by Rs135 per kilo to finish at Rs29,380 from Monday’s close of Rs29,245.
In New York, gold futures for June delivery rose by $17.90 to finish at $1,194 an ounce on the Comex division of the NYMEX.
Silver for July delivery added 35 cents or 2% to $18 an ounce.