Gold at record high on buying spree, silver declines

Gold prices bounced back to hit an all-time high at the bullion market here today on heavy stockists and speculative buying and global cues.

Meanwhile, silver declined further due to persistent offerings by stockists coupled with poor industrial support.

Standard gold (99.5 purity) shot up by Rs 460 per ten grams to finish at a new peak of Rs 18,795 from yesterday's closing level of Rs 18,335.

Pure gold (99.9 purity) also zoomed by a similar margin to touch a historic high of Rs 18,885 as against previous closing of Rs 18,425.
    
However, silver ready (.999 fineness) fell by Rs 90 per kilo to close at Rs 29,045 as against Rs 29,135 yesterday.
    
In New York, gold ended higher yesterday, regaining its status as the quality investment of choice after stocks fell and euro dipped to a four-year low.
    
Gold futures for August delivery rose $7.70 to $1,217.70 an ounce on the Comex Division of NYMEX.
    
Silver for July delivery retreated 63 cents to $17.29 an ounce.