Gold soars to new record

57

New Delhi: Gold prices soared to an all-time high of Rs. 18,660 per 10 grams in the national capital on May 25 on aggressive buying by stockists and jewelers for the ongoing marriage season amid a firming global trend.

Prices  of   the   precious metal zoomed by Rs. 260 to Rs. 18,660 and ornaments by a similar margin to Rs. 18,510 per 10 grams.

Sovereigns also rose by Rs. 75 to Rs. 14,525 per piece of 8 grams.

The current surge surpassed the previous record set on December 3 last year.

The trading sentiment turned bullish after gold climbed in New York as a weaker euro revived demand for a safe haven to park funds. Last week’s decline in gold prices to the lowest level in more than two weeks boosted the investment appeal of the precious metal.

Shifting of funds from melting equity markets to rising bullion for quick gains further fuelled the uptrend, they said. The BSE benchmark Sensex plunged to near a three-month low on account of the euro zone crisis.

The global factors coincide with a boom in all-round buying by jewelers and retailers in domestic markets for the ongoing marriage season.

The price of gold in overseas markets, which normally sets the trend on the domestic front, recorded handsome gains of $ 15.30 to $ 1,192.30 an ounce in New York last evening.

However,  silver  ready  lacked the necessary buying support and fell by Rs. 100 to Rs. 28,950 per kg and weekly-based delivery by Rs. 25  to Rs. 28,635 per kg. Silver coins prices held steady at Rs. 34,400 for buying  and  Rs. 34,500 for selling of 100 pieces.

- Advertisement -