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Gold skyrockets to new high of Rs 24,770

Posted by on August 6, 2011 0 Comment

Gold prices zoomed to yet another record of Rs 24,770 per 10 grams by adding Rs 420 in the National Capital on Saturday on frantic buying by stockists and investors, driven by a firming trend overseas.

On the other hand silver held steady at Rs 58,600 per kg on reduced off-take at prevailing high levels.

Sentiments remained bullish as gold climbed USD 14.60 to USD 1,663.40 an ounce in global markets following turmoil in financial markets on concern that the U.S. economic recovery faltering and the European sovereign debt concern, boosting the demand for the metal as a protection of wealth.

Besides, emergence of buying by retailers for the ongoing festival season amid shifting of investor’s fund from melting equities to surging bullion further influenced the market. On the domestic front, gold of 99.9 and 99.5 per cent purity jumped by Rs 420 each to an all-time high of Rs 24,770 and Rs 24,650 per 10 grams, respectively.

Sovereigns followed suit and shot up by Rs 300 to a new peak of Rs 19,600 per piece of eight grams. On the other hand, silver ready held steady at Rs 58,600 per kg, while weekly-based delivery fell by Rs 420 to Rs 58,375 per kg on profit-booking by speculators.

Silver coins remained in demand due to the festive season and gained Rs 500 to Rs 64,000 for buying and Rs 64,500 for selling of 10 pieces. Hindu

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