Gold Hits Record High of 29,590 on Season Demand

Monday, April 30, 2012
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Bangalore: Gold surged to an all-time high of Rs.29,590 per 10 grams on brisk buying by stockists on sustained buying by jewellers to meet the marriage season demand amid a firming global trend.

The precious metal, which has gained Rs.650 in the last eight trading sessions, advanced further by Rs.50 to Rs.29,590 per 10 grams, a level never seen before after consumption of the precious metal rose for the ongoing marriage season.

The trading sentiment further bolstered as the mental in overseas markets climb for a fifth day for the best run since January as concern of deepening euro-zone debt crisis boosted demand for alternate investment. In London, gold gained 0.1 percent to $1,665.23 an ounce.

As the metal was in firm mode all-over, the gold in futures trade climbed 0.21 percent to Rs.30,247 per 10 grams for December delivery on the Multi Commodity Exchange.

“The gold getting support from all the front like haven demand in overseas markets and a socio-economic value on the domestic front,” All India Sarafa Association general secretary Surender Jain said.

He said the buying activity among retailers picked up in global markets rising as a safe bet at the time of Europe’s deepening sovereign debt crisis.

The dollar priced gold also surged to record high levels as falling rupee put upward pressure on the prices and speculators enlarged their positions, Jain said.

On the domestic front, the gold of 99.9 and 99.5 percent purity rose by Rs.50 each to Rs.29,590 and Rs.29,450 per 10 grams, respectively. Sovereigns held unchanged at Rs.23,650 per piece of eight grams in limited deals.

Silver ready shot up by Rs.400 to Rs.56,900 per kg on rising demand from jewellery and coins makers. Silver weekly- based delivery rose by Rs.90 to Rs.55,965 per kg.

Silver coins continued to be asked at previous level of Rs.65,000 for buying and Rs.66,000 for selling of 100 pieces.

Source: PTI
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