| Gold sets new record at Rs 19,405 on brisk buying | |
| Press Trust Of India / New Delhi Sep 02, 2010, 00:29 | | | | | |
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Gold on Wednesday climbed to an all-time of Rs 19,405 per 10 gm in the bullion market here after buying by stockists to meet the rising demand during the ongoing festival season.
 The precious metal mirrored the gains in global markets, the trend setter on the domestic front, marketmen said. Gold rose to two-month high levels in the global markets following a fall in the dollar.
Gold prices spurted by Rs 215 to trade at a record high of Rs 19,405 per 10 gm, surpassing the previous record level of Rs 19,220 set on June 8.
Silver ready recorded a handsome gain of Rs 525 to trade at Rs 30,950 per kg on increased offtake by industrial units and jewellery fabricators.
Marketmen said a sharp rise in demand from jewellers and stockists boosted the uptrend.
The gold of 99.5 per cent purity shot up by Rs 215 to Rs 19,305 per 10 gm. Sovereigns also rose by Rs 100 to an all-time high of Rs 15,000 per piece of 8 gm.
Silver ready gained Rs 525 to trade at Rs 30,950 a kg and weekly-based delivery spurted by Rs 640 (rpt) Rs 640 to Rs 30,920 a kg. Silver coins were also gained Rs 200 to Rs 34,900 for buying and Rs 35,000 for selling of 100 pieces.
Climbs above $1,250 in London
Reuters adds: Gold and silver hit multi-month highs in Europe on Wednesday, with gold breaking above $1,250 an ounce for the first time since late June, as investors bought the metals amid concerns over the pace of US economic growth.
Spot gold hit a high of $1,251.45 an ounce and was at $1,250.55 an ounce at 0920 GMT, against $1,248.99 late in New York on Tuesday. Silver hit its highest since May 17 at $19.53 an ounce and was later at $19.42 an ounce against $19.34.
Deutsche Bank analyst Daniel Brebner said concerns over economic activity in the United States were leading to “a growing acceptance that if conditions remain poor or deteriorate further, the Fed will move to support growth.”
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