Gold hits new high at Rs 29,295 on marriage season demand

PTI

New Delhi, 14 November 2011: Gold touched a new all-time high level today by rising by Rs 30 to Rs 29,295 per 10 grams, driven by sustained buying by stockists and jewellers to meet the demand for the ongoing marriage season, amid a firming global trend.

 

The precious metal had touched a high of Rs 29,140 on November 9. Silver followed suit and gained Rs 150 to Rs 58,000 per kg on increased offtake by industrial units and jewellery makers.
 

Trading sentiments bolstered on heavy purchases by stockists and retailers for the ongoing marriage season and investor shifting their funds from weakening stocks to rising bullion.

 

The uptrend further supported by firming global trend after gold advance as a decline in the dollar after the appointment of new governments in Greece and Italy boosted demand for the metal as an alternative asset.

 

Gold in global markets, which normally set price trend on the domestic front, gained 0.4 percent to USD 1,796.27 an ounce in Singapore.

 

On the domestic front, gold of 99.9 and 99.5 percent purity added another Rs 30 each to Rs 29,295 and Rs 29,155 per 10 grams, respectively, a level never seen before. However, sovereigns held steady at Rs 23,300 per piece of eight grams in limited deals.

 

In line with a general firming trend, silver ready rose by Rs 150 to Rs 58,000 per kg and weekly-based delivery by Rs 245 to Rs 57,995 per kg. Silver coins met with resistance at existing higher level and lost Rs 2,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.