Gold continues record-setting spree, rises to Rs 26,840

Riding high on a firming trend in global markets, gold prices today touched an all-time high of Rs 26,840 per 10 grams here on sustained buying by investors and stockists.

Gold of 99.9 and 99.5% purity advanced by Rs 160 each to Rs 26,840 and Rs 26,720 per 10 grams, respectively. The metal has gained Rs 580 per 10 grams in the last two trading sessions. 

Sovereigns also gained Rs 200 to reach a new peak of Rs 21,300 per piece of eight grams. 

Market analysts said trading remained bullish after gold advanced for the fourth day in overseas markets to $1,795.85 an ounce, as investors sought to protect their wealth against the possibility of a global slowdown amid deepening debt crisis in the US and Europe. 

In additions, firming trend at futures market where gold rose to record high and shifting of funds by investors from melting equity to rising bullion influenced the trading sentiment. 

Silver also moved up Rs 61,300 per kg on increased speculative buying supported by increased offtake from industrial units. Silver ready rose by Rs 600 to Rs 61,300 per kg and weekly-based delivery added Rs 725 to Rs 60,770 per kg.  

Silver coins followed suit and spurted by Rs 1,500 to Rs 68,500 for buying and Rs 69,500 for selling of 100 pieces.