Gold, silver climb new highs on global bullishness

Gold prices recovered smartly to attain a fresh high at the bullion market here today sparked by heavy speculative and stockists buying amid buoyant trend in overseas.

Apart from soaring global valuations, robust demand from jewellers in view of the ongoing busy marriage season, too, supported the gold uptrend.

Standard gold (99.5 per cent purity) recouped by Rs 250 per 10 grams to close at Rs 20,705 from Friday's closing level of Rs 20,455. 

Pure gold (99.9 per cent purity) also spurted by a similar margin of Rs 250 per 10 grams to end at Rs 20,800, as compared to Rs 20,550 yesterday.  

Silver, tracking the global surge, where the white metal touched a new 30-year high, maintained its recored breaking journey and conquered another milestone of Rs 45,000 per kg level, driven by hectic buying by stockists and speculators coupled with strong offtake from industrial users.

Silver ready (.999 fineness) strengthened by Rs 935 per kg to finish at Rs 45,285 from overnight closing level of Rs 44,350.

In New York, gold for February delivery rose by $16.90 to $1,406.20 an ounce on the Comex Division of the NYMEX.

Silver for March delivery up by 70 cents to $29.27 an ounce.