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BW Businessworld

Gold Retains Sheen, Hits New [email protected] 25,840

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Riding high on a firm trend in overseas market, gold prices on Tuesday added Rs 610 to touch an all-time high of Rs 25,840 per 10 grams, as the turmoil in global financial markets increased the metal's demand as protection on wealth.

Traders said buying by stockists and investors in tandem with rising global trend, mainly pushed the metal's prices closer to the Rs 26,000 mark.

Gold of 99.9 and 99.5 per cent purity soared by Rs 610 each to Rs 25,840 and Rs 25,720 per 10 grams, respectively.

Sovereigns followed suit and jumped Rs 1,200 to a new peak of Rs 21,000 per piece of eight grams.

The metal zoomed to a record level of USD 1,774.80 an ounce in New York on Monday, after equities and commodities plunged on concerns that downgrading of US' credit rating by Standard and Poor's (S&P) may slowdown global economic growth.

In addition, advanced buying for the coming marriage season on fears of further hike in prices boosted the market sentiment, they added.

On the other hand, silver met with resistance at prevailing higher levels and fell by Rs 1,000.

Silver ready fell by Rs 1,000 to Rs 58,900 per kg and weekly-based delivery shed Rs 1,380 to Rs 58,600 per kg.

Silver coins also tumbled by Rs 2,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces on reduced offtake at existing higher levels.


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