Gold zooms to near record at Rs 30,745 on strong global cues

In a three-day long rising spree, prices of the precious metal spurted to reach near its all time high level of Rs 30,750 per 10 grams set on June 19, as stockists enlarged their positions to meet ahead of marriage season and investors shifting their funds from easing equities to firming bullion.

On similar lines, silver prices shot up by Rs 950 to trade at Rs 56,000 per kg on increased offtake by industrial units and coin makers.

Sentiment also bolstered as gold traded near a three- month high in global markets after holdings in the biggest exchange-traded fund backed by bullion increased to the most in six weeks and speculation that leaders may agree to contain Europe's debt crisis.

In London, gold gained USD 5.70 at USD 1,644.30 an ounce, its highest level since May 7.

On the domestic front, gold of 99.9 and 99.5 per cent purity climbed by Rs 235 each to Rs 30,745 and Rs 30,545 per 10 grams, respectively. Gold had gained Rs 70 in last two sessions. Sovereigns rose by Rs 50 to Rs 24,550 per piece of eight grams.

With the general firming trend, silver ready zoomed by Rs 950 to Rs 56,000 per kg and weekly-based delivery by Rs 955 to Rs 55,355 per kg. Silver coins too traded higher by Rs 1,000 to Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.