Gold sky-rockets to new high of Rs24,770 on firm global cues

Gold sky-rockets to new high of Rs24,770 on firm global cues

New Delhi: Gold prices zoomed to yet another record of Rs24,770 per 10 grams by adding Rs420 in the national capital on Saturday on frantic buying by stockists and investors, driven by a firming trend overseas.

On the other hand silver held steady at Rs58,600 per kg on reduced offtake at prevailing high levels.

Sentiments remained bullish as gold climbed $14.60 to $1,663.40 an ounce in global markets following turmoil in financial markets on concern that the US economic recovery faltering and the European sovereign-debt concern, boosting the demand for the metal as a protection of wealth.

Besides, emergence of buying by retailers for the ongoing festival season amid shifting of investor’s fund from melting equities to surging bullion further influenced the market.

On the domestic front, gold of 99.9 and 99.5% purity jumped by Rs420 each to an all-time high of Rs24,770 and Rs24,650 per 10 grams, respectively.

Sovereigns followed suit and shot up by Rs300 to a new peak of Rs19,600 per piece of eight grams.

On the other hand, silver ready held steady at Rs58,600 per kg, while weekly-based delivery fell by Rs420 to Rs58,375 per kg on profit-booking by speculators.

Silver coins remained in demand due to the festive season and gained Rs500 to Rs64,000 for buying and Rs64,500 for selling of 10 pieces.