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Rediff.com  » Business » Gold sets new record, zooms past Rs 31,000-level

Gold sets new record, zooms past Rs 31,000-level

August 23, 2012 17:03 IST

Gold prices rose for the fourth day in a row on Thursday to touch a record high of Rs 31,035 per 10 grams in the bullion market on aggressive buying by stockists and investors, driven by a strong rally overseas.

Gold gained Rs 290 to surpass the previous record of Rs 30,750 set on June 19. The precious metal has added Rs 305 in the last three trading days.

Silver also jumped by Rs 1,000 to Rs 57,000 per kg on strong global cues, while silver coins zoomed by Rs 3,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

Traders said sentiment buoyed as gold in global markets advanced to the highest level in 16 weeks as the Federal Reserve signaled that it may add more stimulus to boost economic growth.

In Singapore, gold gained for the seventh day in a row by rising 0.6 per cent to USD 1,665.31 an ounce -- the most expensive since May 2. Silver also gained 2.5 per cent to USD 30.57 an ounce.

Back home, gold of 99.9 and 99.5 per cent purity advanced by Rs 290 each to all-time high of Rs 31,035 and Rs 30,835 per 10 grams, respectively.

Sovereign also rose by Rs 100 to Rs 24,650 per piece of eight gram.

While silver ready rose by Rs 1,000 to Rs 57,000 per kg, silver weekly-based delivery gained Rs 1,215 to Rs 56,570 per kg.

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