Commodities

Gold touches new peak of Rs 21,270

PTI New Delhi | Updated on March 02, 2011

Surpassing all the previous levels, gold hit a new high by rising Rs 200 to Rs 21,270 per 10 grams at the bullion market today on aggressive buying by stockists for the ongoing marriage season, amid firm global trend.

The yellow metal crossed its last record level of Rs 21,240 set on February 24 this year.

However, silver slipped from a record high by losing Rs 700 to Rs 50,000 per kg on reduced offtake by industrial units and coin makers at existing higher levels.

Trading sentiment turned extremely bullish for gold as it rose to a record level of $1,435.60 an ounce in the overseas markets as unrest in Libya spurred the demand for the metal as a safe haven.

Besides, the ongoing marriage season and festival demand further supported the gold prices.

At the domestic front, gold of 99.9 and 99.5 per cent purity climbed by Rs 200 each to set a new peak of Rs 21,270 and 21,150 per 10 grams, respectively. Sovereign remained stable at Rs 17,200 per piece of eight grams.

Silver weekly-based delivery also tumbled by Rs 1,045 to Rs 50,155 per kg on lack of speculative buying support. Silver coins too traded lower by Rs 100 to Rs 54,500 for buying and Rs 55,000 for selling of 100 pieces.

Published on March 02, 2011

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