Gold, silver zoom to new high

Gold, silver zoom to new high

Mumbai: Gold jumped to an all-time high at the bullion market in Mumbai on Tuesday due to hectic speculative driven buying amidst record rally in the overseas market.

Silver also continued to march ahead and scaled yet another historic peak on emergence of heavy buying by stockists and good industrial demand.

Standard gold (99.5 purity) shot up by Rs175 per ten grams to end at Rs19,315 from Monday’s closing level of Rs19,140.

Pure gold (99.9 purity) also spurted by a similar to close at Rs19,410, as against Rs19,235 on Monday.

“After a brief lull, there is a new wave of gold rush. The metal had been sidelining the recent global rally due to movement of funds to the surging equities," traders said.

Silver ready (.999 fineness) hardened by Rs240 per kilo to finish at Rs34,245 from overnight close of Rs34,005.

In Europe, the yellow metal rallied to record high as dollar tumbled to an 8-1/2 low against basket currencies.

Spot gold was bid at $1,325.50 an ounce in early trade as against $1,315.20 late in New York on Monday.

Silver was bid at $22.20 an ounce as against $21.97.