Gold surges to record highs on seasonal demand, global cues

Gold surged to an all-time high by adding Rs 150 to Rs 20,820 per 10 gram today on the back of brisk buying by stockists and jewellers for the ongoing marriage season, amid a firm global trend.

Silver also rose to a near record level by gaining Rs 450 to Rs 42,350 per kg. The metal hit an all-time high level of Rs 42,500 on November 24.

Trading sentiments turned bullish on brisk buying by jewellers to meet the ongoing marriage season demand, which helped the yellow metal to surpass its previous record level set on November 24. 

A firm global trend further fuelled the uptrend. Gold in overseas markets, which sets prices on the domestic front, added $4.30 to $1,371.60 an ounce. 

On the domestic front, the gold of 99.9 and 99.5 per cent purity surged by Rs 150 each to Rs 20,820 and Rs 20,700 per 10 grams, respectively. However, sovereign remained static at Rs 16,600 per piece of eight gram in limited deals.

With the general firm trend, silver ready spurted by Rs 450 to Rs 42,350 per kg on increased offtake by industrial units, while weekly-based delivery rose by Rs 420 to Rs 41,700 per kg on speculative buying. 

Silver coins shot up to a new peak level of Rs 46,200 for buying and Rs 46,300 for selling of 100 pieces.