Gold, silver scale new highs on global trend

Gold, silver scale new highs on global trend

Gold prices rose further to climb yet another peak at the bullion market on Wednesday owing to hectic buying from speculators and stockists amid buoyant global conditions.

Besides the global bullishness, heavy demand from jewellery makers to meet the surge in order from consumers in view of the busy marriage season also supported the the uptrend in gold.

Moving with the general trend, silver also conquered another milestone, scaling the Rs44,000 per kilo level, driven by robust industrial consumption and strong investment demand, coupled with firm trend in overseas markets.

Standard gold (99.5% purity) hardened by 5 per 10 grams to end at 0,615 from overnight closing level of 0,540. It touched a high of 20,715 in early trade.

Pure gold (99.9% purity) also gained by a similar margin to finish at Rs20,710 as compared with Rs20,635.

It hit a high of Rs20,815 in early trade on Wednesday. Silver ready (.999 fineness) surged by a hefty Rs1,445 per kg to close at Rs44,130 from Tuesday’s closing level of Rs42,685.

In Europe, gold continued to move higher on concerns over deepening euro zone debt crisis.