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Gold zooms to a record high of Rs 30,400

Last updated on: June 6, 2012 18:34 IST

Gold zooms to a record high of Rs 30,400

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Gold on Wednesday hit a fresh all-time high by adding Rs 100 to Rs 30,400 per 10 grams on brisk buying by stockists triggered by a firming global trend.

The precious metal had hit an all time high of Rs 30,300 on Saturday.

Silver followed suit, and shot up by Rs 1,200 to Rs 55,500 per kg on increased offtake by industrial units and coin makers.

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Image: A woman checks a gold waist belt inside a jewellery shop in Hyderabad.
Photographs: Krishnendu Halder/Reuters.
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Traders said the trading sentiment bolstered as gold rose to a four-week high in London on weaker dollar after officials from the world's leading economies said they will collaborate to respond to Europe's crisis, boosting demand for metal as an alternate investment.

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Image: A customer tries on a gold necklace at a gold shop in Hanoi.
Photographs: Kham/Reuters.
Tags: , Europe , London

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Gold zooms to a record high of Rs 30,400

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In London, gold rose by 1.3 per cent to $1,637.40 an ounce, the highest since May 8 and silver by 2.7 per cent to 29.31 dollar an ounce, the highest since May 10.

Besides, stockists buying ahead of the marriage season from June 16 further fuelled the uptrend.

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Image: A gold replica of a pine tree displayed at a jewellery shop.
Photographs: Reuters.
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On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 100 each to set an all-time high levels of Rs 30,400 and Rs 30,200 per 10 grams, respectively.

Sovereigns rose by Rs 150 to Rs 24,250 per piece of eight grams.

Similarly, silver ready spurted by Rs 1,200 to Rs 55,500 per kg and weekly-based delivery by Rs 1,090 to Rs 55,170 per kg. Silver coins also jumped up by Rs 3,000 to Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.



Image: A salesman displays gold jewellery for the camera at a showroom in the southern Indian city of Hyderabad.
Photographs: Krishnendu Halder/Reuters.
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