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Gold hits fresh high of Rs 32,500

Last updated on: September 10, 2012 16:23 IST

GoldGold prices touched new all-time high of Rs 32,500 per 10 grams in the bullion market in Mumbai on Monday on seasonal demand amid strong global trend.

Gold, which has been on a record setting spree for the past three weeks, rose by Rs 50 to Rs 32,500 per 10 grams.

Traders said sentiment in gold remained bullish as the metal rose to near six-month high in global markets on speculations that central banks from the US and China would bring in more stimulus measures to revive economic growth, raising demand outlook for the precious metal.

In New York, the yellow metal surged by $34 to $1,734.30 an ounce

in the previous session.

Also, sustained buying by stockists to meet the wedding season demand further fulled the uptrend.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 50 each to Rs 32,500 and Rs 32,300 per 10 grams, respectively.

Sovereign shot up by Rs 200 to Rs 25,500 per piece of eight grams.

Silver prices, however, remained flat.

Silver ready held steady at Rs 61,800 per kg on restricted buying by industrial units and coin makers, while weekly-based delivery rose by Rs 235 to Rs 64,230 per kg on speculators' support.

Silver coins continued to be asked around previous level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

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Tags: New York, China, US