Gold hits new high of Rs10,220 on global cues, seasonal demand

Gold hits new high of Rs10,220 on global cues, seasonal demand


New Delhi: Gold prices spurted by Rs130 to touch Rs10,220 per 10 gram on the bullion market on 29 October, on heavy buying for the ongoing festival and marriage season besides a boost from international markets.

The precious metal surpassed its record of last week and touched a new peak as firm global trends pushed it to 28-year high at $793 per troy ounce after the dollar plunged to record lows against leading 13 currencies.

Gold rose by $7.75, or 1%, to $792.95 an ounce in London after touching $794.70, the highest since January 1980.

The market, which was passing through a firm phase due to festive and marriage demand, gathered further momentum as the dollar-priced metal surged in the overseas market after the US currency dipped to record low against major currencies including the euro. Rising crude oil prices also boosted the market sentiment.

Standard gold and ornaments remained in demand and spurted further by Rs130 each at Rs10,220 and Rs10,070 per ten grams. Sovereign, however, ruled flat at Rs8,050 per piece of eight gram.

Silver ready jumped up by Rs255 at Rs18,980 a kilo while weekly-based delivery by Rs55 at Rs18,880 a kilo. Silver coins held unchanged at Rs24,700 for buying and Rs24,800 for selling of 100 coins.