Safe-haven buying from investors pushed the gold and silver prices up to historic closing peak of Rs 12,520 and Rs 24,095 respectively due to firming global markets.
Weak stock markets, lingering worries over US recession and their aftermaths over other emerging markets, weak dollar and concerns over credit markets compelled stockists and even retail investors to invest in these anti-inflatary metals to play safe in the current uncertain conditions, traders said.
Gold rose to a record in London as the dollar slumped to an all-time low against the euro for a fourth day on growing signs of the considerable slowdown in the US economy, spurring demand for the metal as an alternative
investment to stocks and bonds.
Gold for immediate delivery in London gained $5.58 to a record $976.32 an ounce.
The metal climbed as Harmony Gold Mining, Africa's third-biggest producer of the metal, said its Elandsrand mine was shut for a third day after a fatal accident on February 27.
Silver for immediate delivery rose 19 cents to $19.95 an ounce, the highest since 1980.
Turning to the local market, standard gold (99.5 purity) rose by Rs 195 per ten grams to Rs 12,520 from Rs 12,325 and pure gold (99.9 purity) shot up by Rs 200 per 10 grams to Rs 12,575 from Rs 12,375. Silver ready (.999 fineness) hardened by Rs 440 per kilo to Rs 24,095 from Rs 23,655 yesterday.
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