Bangalore: Gold prices rose to all-time high of 29,750 per 10 grams in the bullion market as investors shifted funds from melting equity markets to the precious metal, considered as a safe-haven investment.

Gold closed higher by 35 at 29,695 per 10 grams few days back. It means that if five years ago; you had invested 1 lakh in gold then it would currently be worth around 3.1 lakh. Thus we can say that gold has done much better than Indian stocks have.

Silver, however, lacked necessary follow up support and declined by 400 to 56,200 per kg on reduced off take by industrial units.

Traders said gold raced to record high levels as stockiest and retail customers preferred to park their funds in the precious metal amid weak stocks and forex makrets.

Gold of 99.9 and 99.5 percent purity rose by Rs 35 each to new peak level of 29,695 and 29,555 per 10 grams respectively. Sovereign remained steady at 23,750 per piece of eight grams.

On the other hand, silver ready remained selling pressure and lost 400 to 56,200 per kg and weekly-based delivery by 375 to 56,710 per kg.

Silver coins continued to be asked at last level of 66,000 for buying and 67,000 for selling of 100 pieces.