Gold prices soared to hit a life—time high of Rs 31,255 per 10 grams, a new milestone at the bullion bourses here on Saturday on frantic stockists and investment—driven buying spree triggered by a powerful global rally.

Silver rebounded sharply to re-visit the psychological important Rs 60,000 per kg mark fuelled by speculators and traders.

The sudden spurt was mainly led by buoyancy in global markets, where the precious metal touched fresh multi—month highs on expectations of monetary stimulus.

Gold surged to a fresh five—month high in New York after the Federal Chairman Ben Bernanke reiterated his promise to provide additional policy accommodation to stimulate the economy alongwith Spain government’s approval on banking reforms.

Standard gold (99.5 purity) shot up by Rs 535 to conclude at Rs 31,255 per 10 gm from Friday’s close of Rs 30,720.

Pure gold (99.9 purity) spurted by Rs 520 to end at Rs 31,400 per 10 gm from Rs 30,880.

Silver ready (.999 fineness) jumped by a hefty Rs 2,040 per kg to close at Rs 60,140 as compared to Rs 58,100 yesterday.

In overseas, gold for December delivery rose by $30.50 to end at $1,687.60 an ounce on the Comex division of the NYMEX (New York Mercantile Exchange) late yesterday.

Silver for December contract hardened by $1 to settle at $31.44 an ounce.

(This article was published on September 1, 2012)
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