Gold hits new high at Rs 22,470

Gold set a new record at Rs 22,470 per 10 gms on Thursday on brisk buying by stockists and jewellers for the upcoming ‘Akshaya Tritiya’ and marriage season, driven by a record rally in global markets. Silver also surged Rs 3,400 to Rs 72,000 a kg.

The white metal had hit a record level of Rs 74,300 on April 25.

Traders said Akshaya Tritiya festival (May 6), which is considered auspicious for buying gold, bolstered trading sentiments for the yellow metal.

The market also received support as the gold advanced to a record high in international markets, after the US Fed pledged to keep interest rates near zero to bolster the recovery, weakening the dollar and boosting demand for precious metals as a store of value.

Gold in the Asian region gained 0.4 per cent to reach a never-seen-before level of $1,533 an ounce. Silver also strengthened by 0.6 per cent to $48.13 an ounce, approaching the record level of $49.79 set on April 25.