Gold hits all-time high, silver crosses 30k level

Gold hits all-time high, silver crosses 30k level

Mumbai: Gold’s record breaking surge in global markets had its positive rub-off on the local bullion market on Wednesday as stockists went on a buying spree, sending the gold prices to a new peak, while silver crossed 30K-level after five months on good industrial demand.

Despite the $1-trillion rescue plan to prevent Greece’s debt crisis spreading to other European nations, traders still have doubts over the success of the package and as a result they preferred to go for the safe-haven assets like gold, analysts said.

In London, spot gold was bid at $1,240.75 an ounce in early trade on Wednesday from $1,232.05 late in New York on Tuesday. US gold futures hit a record $1,244.80 an ounce.

Standard gold (99.5 purity) closed at an all-time high of Rs18,255, a smart rise of Rs285 per ten grams over its last close of Rs17,970. It had settled at Rs18,225 on 2 December 2009 and logged an intra-trade high of Rs18,255 on 3 December 2009.

Pure gold (99.9 purity) also finished at a new historic high of Rs18,340, a net rise of Rs280 per ten grams. It had concluded at Rs18,310 on 3 December 2009, and also touched a high of Rs18,340 the same day.

Silver ready (.999 fineness) ended at Rs30,065, a level not seen since 3 December 2009, when it had ended at Rs30,085, clocking a sharp rise of Rs790 per kilo over the previous close of Rs29,275.