Gold, silver at new high on strong buying

Gold, silver at new high on strong buying

Mumbai: Gold and silver prices rallied to hit fresh all-time highs at the bullion market here on Wednesday on hectic buying by stockists and speculators driven by strong trend in overseas markets.

Fresh industrial buying support, along with heavy speculative build-up, led the white metal to cross the Rs31,000 level.

The sudden spurt was mainly attributed to surging global valuations, where the precious metals hit multi-month highs on concerns over the growth momentum of US economy.

Besides the international cues, brisk buying from jewellers ahead of festive season and investment demand also gave a fillip to the rally, traders said.

Gold has recently outperformed silver in terms of value and seems to be catching up with the white metal, they said.

Standard gold (99.5 purity) shot up by Rs195 per ten grams to close at Rs19,140 from Tuesday’s closing level of Rs18,945.

Pure gold (99.9 purity) strengthened by Rs200 per ten grams to finish at Rs19,230 from overnight closing level of Rs19,030.

Silver ready (.999 fineness) zoomed by a hefty Rs545 per kilo to end at Rs31,300 from Rs30,755 on Tuesday.

In London, spot gold was bid at $1,250.55 an ounce in early trade as against $1,248.99 late in New York on Tuesday. Silver was bid at $9.42 an ounce as against $19.34.