Gold crossed the all-time high level of Rs 29,000 while silver coins touched the record Rs 68,000 mark in the bullion market here on strong demand propelled by ongoing marriage season and deepening financial worries.
Gold prices jumped by Rs 470 to Rs 30,670 per ten gram in the national capital on Monday on brisk seasonal demand amid a firm global trend.
Silver, however, met with resistance and traded lower by Rs 200.
After three days of gains, gold prices on Tuesday fell by Rs 70 to Rs 30,500 per ten gram in the national capital on profit-selling by stockists at prevailing higher levels amid a weak global trend.
Traders said buying activity emerged for the ongoing marriage season as the metal remained weak in the previous session.
There is good news and even better news for gold consumers - prices of the precious metal have fallen to a nine-month low of Rs 8,725 per ten grams right ahead of the marriage season and are set to dip further in the coming weeks.
Gold is likely to touch Rs 18,000 per 10 gram during the forthcoming festival season as the demand for the yellow metal peaks around Diwali time, according to a projection by industry body Assocham.
Gold struck another historic peak of Rs 18,000 per ten gram in the national capital today on sustained buying by stockists for the current marriage season amid a weakening dollar and reports that more central banks might purchase gold from the International Monetary Fund.
Gold is ruling over Rs 14,990 per 10 grams level in the spot market and on leading commodity exchange MCX gold for August was trading at Rs 14,724 per 10 grams.
Traders said sentiment remained bullish as stockists increased their positions to meet the seasonal demand.
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Bullion in the Asian region gained as much as 0.5 per cent to $1,222.47 an ounce, its highest level since May 19, as the euro extended its 2.4 per cent decline against the dollar last week.
Gold prices touched a new peak of Rs 6,830 per ten gram on the bullion market today on brisk buying by stockists to meet the ongoing festival and marriage demand, discounting reports of a weak international trend.
Gold prices jumped upwards to set another high of Rs 6720 per ten gram on the bullion market on Saturday on sustained buying to meet the marriage season demand.
This Vikram Samvat year 2070, ending on Thursday, has proved the worst in 17 years in terms of return on investment in gold.
Traders said sustained buying by stockists and jewellery fabricators for the ongoing marriage season mainly led to an upward trend in gold prices.
Silver also spurted by Rs 1,000 to Rs 37,500 per kg.
Indian gold imports, which fell last week as world prices rose, are likely to pick up as jewellers replenish stocks to meet local demand during the marriage season, traders said on Monday.
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Gold prices may be scorching at an all-time high of Rs 16,000, but it has failed to keep away jewellery buyers from making purchases ahead of the festive and marriage seasons in anticipation that the rates may shoot up further.
Gold prices are already moving fast to the key level of Rs 30,000 per 10 gms
Surpassing all previous levels, gold hit a new high by rising Rs 200 to Rs 21,270 per 10 grams on the bullion market on Wednesday on aggressive buying by stockists
Gold continued with its record setting spree, climbing to a new peak of Rs 18,810 per ten grams in the national capital today on frantic buying for the ongoing marriage season amid a firming global trend.
Sentiment turned bearish after gold fell in overseas markets to a lowest level in three-week on speculation that the Federal Reserve will start to reduce bond purchases by the end of the year as the US economy improves, traders said. Gold in Singapore, which normally set price trend on the domestic front, fell by 0.8 per cent to 1,273.55 dollar an ounce, the lowest since July 17 and silver by 0.8 per cent to 19.37 dollar an ounce.
Prices of the precious metal zoomed by Rs 260 to Rs 18,660 and ornaments by a similar margin to Rs 18,510 per ten grams.
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People can make purchases for the festivals on Sunday, when the curfew has been relaxed from 8 am to 5 pm, they said.
The white metal had hit a record level of Rs 74,300 on April 25.
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Traders said reduced offtake by retailers and jewellery fabricators at existing higher levels mainly kept pressure on the prices of both the precious metals.
The regular 'band, bajaa, baraat' were missing but the festivities seemed intact as Punjab Chief Minister Bhagwant Mann turned groom for his wedding with a doctor from Kurukshetra at his home.
