Commodities

Gold at a new high of Rs 24,770/10 grams

PTI New Delhi | Updated on August 06, 2011

gold

Gold prices zoomed to yet another record of Rs 24,770 for 10 grams by adding Rs 420 in the national capital on Saturday on frantic buying by stockists and investors, driven by a firming trend overseas. On the other hand silver held steady at Rs 58,600 a kg on reduced offtake at prevailing high levels.

Sentiments remained bullish as gold climbed $14.60 to $1,663.40 an ounce in global markets following turmoil in financial markets on concern that the US economic recovery faltering and the European sovereign-debt concern, boosting the demand for the metal as a protection of wealth.

Besides, emergence of buying by retailers for the ongoing festival season amid shifting of investor’s fund from melting equities to surging bullion further influenced the market.

On the domestic front, gold of 99.9 and 99.5 per cent purity jumped by Rs 420 each to an all-time high of Rs 24,770 and Rs 24,650 for 10 grams, respectively. Sovereigns followed suit and shot up by Rs 300 to a new peak of Rs 19,600 per piece of eight grams.

On the other hand, silver ready held steady at Rs 58,600 a kg, while weekly-based delivery fell by Rs 420 to Rs 58,375 a kg on profit-booking by speculators.

Silver coins remained in demand due to the festive season and gained Rs 500 to Rs 64,000 for buying and Rs 64,500 for selling of 10 pieces.

Published on August 06, 2011

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