Gold prices surged to set a new peak at Rs 8,890 per ten gram on the bullion market on Thursday on aggressive buying by stockists to meet the current marriage season demand.
The metal gained Rs 30 at Rs 8,890 per ten gram as bullion merchants purchased heavily, fearing a further hike in prices.
Stockists and jewellery fabricators buying gold to meet the ongoing marriage season demand pushed up the prices, discounting reports of a fall in its prices in overseas markets, which normally set price trend in New Delhi.
There was some support to the market from general investors as they diverted their funds from falling stock markets to the bullion, traders said.
Standard gold and ornaments gained Rs 30 each at Rs 8,890 and Rs 8,790 per ten gram respectively whole sovereign was stable at Rs 6,925 per piece of eight gram.
Silver ready was unaltered at Rs 18,500 per kilo and weekly-based delivery rose by Rs 200 at Rs 18,800 per kilo on speculators buying.
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