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Rediff.com  » Business » Gold climbs to Rs 19,220/10 gram

Gold climbs to Rs 19,220/10 gram

June 08, 2010 15:57 IST

GoldGold prices zoomed past all previous records to a new peak of Rs 19,220 per ten grams in the national capital on Tuesday on frantic buying by stockists after the metal surged to an all-time high in international markets.

Standard gold (99.9 purity) jumped up by Rs 195 to touch a new peak of Rs 19,220 per ten grams, while gold of 99.5 per cent purity was being traded higher by the same margin at a record high of Rs 19,120 per ten grams.

Sovereigns also gained Rs 50 to Rs 14,700 per piece of eight grams. Reports of a firming global trend came at a time when the metal was going through a bullish patch in domestic markets on hectic buying by jewellers and retail customers for the ongoing marriage season.

The trading sentiment turned extremely strong after gold climbed to record levels in London as investors sought an alternative to currencies and equities as concerns over the deepening Europe debt crisis mounted.

Gold in London surpassed all previous records to trade at $1,252.90 an ounce.

The price of gold in dollars strengthened as the euro slipped to its lowest level in more than four years against the US currency, making the metal more costlier when bought in the Eurozone.

With prices of the precious metal on a high worldwide, gold in futures trading on the Multi Commodity Exchange for far-month February delivery climbed 1.22 per cent to Rs 19,222 per ten grams, a level never seen before.

In line with the general firming trend, silver prices recorded significant gains on increased offtake by industrial units and other consuming sectors like coin and jewellery fabricators.

Silver ready recorded a handsome single day gain of Rs 1,000 to Rs 29,600 per kg and weekly-based delivery spurted by Rs 840 to Rs 29,065 per kg.

Silver coins were also being traded higher by Rs 100 at Rs 34,500 for buying and Rs 34,600 for selling of 100 pieces.

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Tags: London, Europe, US