Gold regains record level of Rs 23,620 on firm global cues

PTI

New Delhi, 30 July 2011: Gold prices surged by Rs 150 to regain its record level of Rs 23,620 per 10 grams in the national capital Saturday on brisk buying by stockists and investors, driven by a firming global trend.

 

Silver followed suit and jumped by Rs 600 to Rs 58,600 per kg on fresh buying by speculators and industrial units.

 

Trading sentiment bolstered as gold climbed to all-time high of USD 1,637.50 overseas on demand for an investment haven amid mounting concerns on the US debt impasse and signs of a faltering global economy.

 

In addition, fresh buying by local parties and jewellery manufacturers for the coming festival season further fuelled the uptrend.

On the domestic front, gold of 99.9 and 99.5 percent purity shot up by Rs 150 each to Rs 23,620 and Rs 23,500 per 10 grams, respectively, a level last seen on July 25.

 

Sovereigns followed suit and rose by 100 to touch a new peak of Rs 19,000 per piece of eight grams.

 

Similarly, silver ready and weekly-based delivery jumped up by Rs 600 each to Rs 58,600 and Rs 58,920 per kg, respectively.

 

However, silver coins met with resistance at prevailing high levels and lost Rs 500 to Rs 64,500 for buying and Rs 65,500 for selling of 100 pieces.