Gold soars to new high on strong demand

Gold soars to new high on strong demand

New Delhi: Gold prices on Saturday spiked to a new high of Rs16,900 per 10 gram in the bullion market here on strong marriage season demand amid firming global trends.

Gold gained Rs75 to close at Rs16,900 per 10 gram, a level never seen before. The precious metal in the US markets scaled a new high of $1,099 an ounce.

Marketmen said fresh buying by stockists and jewellery fabricators to meet the demand during the marriage season and strong global cues led gold to touch an all-time high level.

They said the precious metal, which has been on a record setting spree since last few trading sessions, also influenced by the Reserve Bank of India’s move to buy 200 tonnes of gold from the IMF, raising speculation that more countries would follow suit.

Standard gold and ornaments rose by Rs75 each to Rs16,900 and Rs16,850 per ten gram, respectively. Sovereign climbed to fresh peak of Rs13,300 per piece of eight gram.

Silver ready closed flat at Rs27,500 per kg in restricted buying, while silver weekly-based delivery lost Rs70 at Rs27,185 per kg.

Silver coins rose by Rs200 to set a record high level of Rs33,500 for buying and Rs33,600 for selling of 100 pieces on hectic marriage season demand.