Gold, silver soar to new record high on global surge

MUMBAI: Gold and silver prices soared to create a new record high at the bullion market here today, on heavy stockists and speculative driven buying supported by surging international markets.

"The sudden revival seems to be cited as investors and traders shifting funds from beleaguered equity markets to precious metals as a better avenue," traders said.

"Though gold was creating fresh new highs in overseas markets everyday, the local investors were chasing equities and ignoring the yellow metal. As of now it is a complete U- turn owing to stocks scary valuations," they added.

Standard gold (99.5 purity) shot up by Rs 150 per ten grams to close at Rs 19,210 from Tuesday's closing level of Rs 19,060.

Pure gold (99.9 purity) also rose by a similar margin of Rs 150 per ten grams to finish at Rs 19,300 as against Rs 19,150 previously.

Silver ready (.999 fineness) jumped by Rs 440 per kilo to end at Rs 33,195 from Rs 32,755. It touched an high of Rs 33,275 in early trade.

In Europe, Gold was near record high planning to breach $1,300-level an ounce, while silver flirted with 30-year peaks as the threat of currency devaluation lifted interest in the metals.

Spot gold was bid at $1,292.00 an ounce in early trade, as against $1,289.60 late in New York on Wednesday.

Spot silver was bid at $21.06 an ounce, after hitting a two-and-a-half-year high of $21.21


ROHIT KALIA
PGDM 1ST SEM