Gold hits fresh high at Rs 30,570

Riding high on strong demand for the wedding season coupled with a firming trend in the global market, gold touched yet another record high of Rs 30,570 per 10 grams in the bullion market in New Delhi on Friday.

Gold climbed for a sixth straight session by adding Rs 20 to hit an all-time high of Rs 30,570 per 10 grams.

The metal has gained Rs 1,050 in the last five trading sessions.

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On the other hand, silver lacked necessary follow up support at prevailing higher levels and fell by Rs 970 to Rs 54,730 per kg.

Traders said besides buying by retail customers and jewellery-maker for the wedding season, strong global cues pushed the metal's prices up.

The metal rose in global markets on speculation that central banks from major economies may take more steps to buoy growth as Greece prepares for elections that may determine whether the country leaves the eurozone.

In Singapore, gold gained 0.2 per cent to $1,626.77 an ounce.

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On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 20 to Rs 30,570 and Rs 30,370 per 10 grams, respectively.

Sovereign followed suit and gained Rs 50 to Rs 24,400 per piece of eight grams.

However, silver ready shed Rs 970 to Rs 54,730 per kg and weekly-based delivery fell by Rs 40 to Rs 55,200 per kg.

Meanwhile, silver coins continued to be asked at previous levels of Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.