Gold climbs to all-time high of Rs 30,550 on global cues

Gold prices surged to an all-time high of Rs 30,550 per 10g in the national capital on Thursday on sustained buying by jewellers for the coming marriage season, amid a firming global trend. In Mumbai too, it touched the Rs 30,000 mark, up Rs 140 from yesterday.

The yellow metal climbed to Rs 130 in Delhi, surpassing its previous record level of Rs 30,420 yesterday. It had gained Rs 920 in the previous four trading sessions.

Silver also rose by Rs 100 to Rs 55,700 per kg, on increased offtake by industrial units in Delhi. In Mumbai’s Zaveri Bazaar, it closed at 0.22 per cent higher to Rs 55,510 per kg.

Sentiment remained firm after gold gained in global markets on speculation the Federal Reserve would take more steps to buoy the US economy, potentially hurting the dollar.

Gold in global markets, which normally set the price trend here, rose 0.2 per cent to $1,619.63 dollar an ounce and silver by 0.5 per cent to $28.95 in London.

In addition to the increased buying by stockists and jewellers, shifting of funds from a weakening equity market to rising bullion fuelled the uptrend in precious metals. On the domestic front, gold of 99.9 and 99.5 per cent purity advanced to Rs 30,550 and Rs 30,350 per 10g, respectively, a level never seen before. Sovereign followed suit and added Rs 50 to Rs 24,350 per piece of eight gramme.

“While gold followed the movement of risky assets, the over all weakness in major economies has caused it to turned into a safe haven commodity taking prices higher,” said Reena Walia, a research analyst at Angel Broking.