Gold regains record level of Rs 29,540

Wedding season pulls gold higher, silver follows suit

Gold prices spurted by Rs 100 to regain the all-time high level of Rs 29,540 per 10 grams in the bullion market here today on strong demand triggered by the ongoing wedding season amid firm global cues.

The precious metal, which was last seen at this level on December 8, has gained Rs 550 in the last seven days.

Silver also gained Rs 100 to Rs 56,500 per kg on increased offtake by industrial units and jewellery makers.

Traders said besides continued buying for the wedding season, firm trend in overseas market also pulled prices higher. Gold on COMEX advanced as a weakening dollar increased demand for the safe-haven asset as an alternative investment. This also boosted sentiment.

Gold rose by 0.3% to $1,664.80 an ounce and silver gained 0.4% to $31.41 an ounce in New York last night.

Back home, gold of 99.9 and 99.5% purity rose by Rs 100 each to Rs 29,540 and Rs 29,400 per 10 grams, respectively.

Sovereign remained steady at Rs 23,650 per piece of eight grams in scattered deals.

Silver ready also strengthened by Rs 100 to Rs 56,500 per kg and weekly-based delivery by Rs 145 to Rs 55,875 per kg.
Silver coins continued to be asked around previous level of Rs 64,000 for buying and Rs 66,000 for selling of 100 pieces.