Gold hits new high of Rs 23,620 on firm global cues

Gold soared to an all-time high of Rs 23,620 per 10 grams, adding Rs 200 in the national capital today on increased buying by stockists and investors, driven by a record rally in global markets. 

Silver also moved up by Rs 500 to Rs 59,500 per kg on increased offtake by industrial units and coin makers.

Silver coins followed suit and jumped by Rs 1,500 to fresh high of Rs 65,500 for buying and Rs 66,500 for selling of 100 pieces.

Trading sentiment turned bullish as gold marched to a record of $1,624.30 an ounce by adding 1.4% overseas, after US lawmakers failed to reach an agreement on raising the federal debt limit, increasing concerns of a US default and boosting demand for the metal as a safe haven. 

The white metal also gained 1.5% to $40.74 an ounce in the global markets, the highest level since July 19.  

At home, gold of 99.9 and 99.5% purity shot up by Rs 200 each to fresh high of Rs 23,620 and Rs 23,500 per 10 grams, respectively. Sovereigns followed suit and added Rs 50 to Rs 18,950 per piece of eight grams.

In line with a general firming trend, spot silver rose by Rs 500 to Rs 59,500 per kg and weekly-based delivery gained Rs 805 to Rs 60,270 per kg.