Gold powers to historic high, silver rebounds

Gold continued its uninterrupted record-breaking rally and jumped to another historic high at the domestic bullion market here today on consistent buying from stockists and investors driven by bullish wave in overseas.

Silver re-bounced sharply on the back of heavy speculative demand.

Standard gold (99.5 purity) zoomed by Rs 395 per 10 grams to end at Rs 24,930 from last Saturday's close of Rs 24,535.

Pure gold (99.9 purity) also surged by a similar margin of Rs 395 per 10 grams to finish at Rs 25,045 as compared to Rs 24,650 previously. Silver ready (.999 fineness) shot up by a hefty Rs 1,255 per kg to close at Rs 60,535 over its weekend close of Rs 59,280.

In Europe, gold soared to record highs and surpassed the psychological $1,700 an ounce mark on concerns over worsening Eurozone debt crisis as well as downgrading of the US economy amidst uncertainty in the financial markets.

Spot gold was bid at $1,705.80 an ounce in early trade.