Gold at all-time high of Rs 15,900

Gold prices on Friday shot up to an all-time high of nearly Rs 16,000 per 10 gram in the national capital, driven by last minute heavy purchases by traders to build up stocks before the start of the inauspicious 'Sharad' on Saturday, amid strong global cues.

The precious metal spurted by Rs 200 from Friday's level at scale a new peak of Rs 15,900 per 10 gram.

The rally was also seen in the prices of silver coins which too skyrocketed to a record level of Rs 31, 200 per 100, pushed up by a steep rise of Rs 700 up in silver rates at Rs 25,300 per kg.

The surge in the gold rates was led by heavy demand from jewellers and stockists before Sharad, a inauspicious fortnight for making any fresh purchases, marketmen said.

They added that heavy purchasing orders before big festivals like Diwali and beginning of marriage season soon after the ending of Sharads on September 18 were made in last four trading sessions.

The rally was also sparked by gold's surge in the overseas markets to a six-month high, towards $1,000 an ounce, they said added.

"We have plenty of orders for jewellery in hand and have to purchase it before the fortnight of Sharads begin," said Delhi-based jeweller Rakesh Anand.