Gold zoom to all-time high at Rs 31,725 on firm global cues

Surpassing all previous records, gold skyrocketed to an high of Rs 31,725 per ten grams in the national capital today on frantic buying by stockists, sparked by a steep rise in global prices.

Delhi led the rally, rising the most by Rs 550 to Rs 31,725 per ten gram followed by Kolkata with Rs 540 to Rs 31,715. The metal in Mumbai spurted by Rs 520 to Rs 31,400 and in Chennai by Rs 540 to Rs 31,575.

With the general firming trend, silver in Delhi recorded a biggest gain of Rs 2,250 to Rs 59,500 per kg and Rs 2,020 in Chennai to Rs 60,975. It shot by Rs 2,040 to Rs 60,140 in Mumbai and Rs 2,000 to Rs 59,200 in Kolkata.

Trading sentiment was bolstered as the precious metals posted the highest monthly gains since January in overseas markets after Federal Reserves Chairman Ben S. Bernanke indicated more measures to aid the U.S. Economy, lifting demand for the metal as an inflation hedge.

Gold in global markets, which normally set price trend on the domestic front, jumped by 36.30 dollar to 1,691.60 dollar an ounce and silver by 4.27% to 31.74 dollar an ounce in New York last evening soon after Bernanke speech.

On the domestic front, gold of 99.9 and 99.5% purity spurted by Rs 550 each to Rs 31,725 and Rs 31,525 per ten grams respectively, a level never seen before. Sovereign shot up by Rs 200 to Rs 24,950 per piece of eight gram.

In a similar fashion, silver recorded a hefty rise of Rs 2250 to Rs 59,500 per kg on hectic buying by industrial units and coin makers. Silver weekly-based delivery surged by Rs 2275 to Rs 59,015 per kg. Silver coins zoomed by Rs 5,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.