Gold crosses Rs20k level on festive buying

Gold crosses Rs20k level on festive buying

New Delhi: Gold breached the crucial Rs20,000 per ten grams level in the national capital on Friday, on frantic buying for the ongoing festivals.

While the gold spurted by Rs175 to an all-time high of Rs20,120 per ten grams, silver jumped up by Rs1,200 to Rs37,000 per kg, a level never seen before.

Buying activity in the precious metals picked up for the ongoing festivals of Navratras, an auspicious week in Hindu mythology for buying new things.

The trading sentiment further bolstered on reports of a firming trend in overseas markets, as investors rushed to look for an alternate investment over concerns about slowing global economic recovery.

Gold climbed to a record levels near $1,388 an ounce and silver extended its 30-year high rally as a weaker dollar spurred demand for safe alternative investments.

The gold in international markets spurted to near $1,388 dollar an ounce in overseas markets as dollar fell to a 15-year low against yen. Silver rose by 3.9% to $24.92 an ounce in London, the highest price since March 1980.

On domestic front, the gold for 99.9 and 99.5% purity rose by 175 each at 0,120 and 0,020 per ten grams respectively. Sovereign also rose by 00 to 5,750 per piece of eight gram.

Silver ready spurted by ,200 to 3,7000 per kg and weekly-based delivery by ,410 to ,6560 per kg. Silver coins followed suit and gained 00 to ,6100 for buying and 6,200 for selling of 100 pieces.