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Gold zooms to new record high of Rs 19,050
Gold prices zoomed to an all-time high of Rs 19,050 per 10 grams in New Delhi on Tuesday on skyrocketing global rates amid the ongoing marriage season in India. In international markets, gold prices surged for the seventh straight day as the European debt crisis increased demand for the precious metal as a safe haven.
Bullion in the Asian region gained as much as 0.5 per cent to $1,222.47 an ounce, its highest level since May 19, as the euro extended its 2.4 per cent decline against the dollar last week.
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Gold zooms to new record high of Rs 19,050
"The steep rise in gold prices comes at a time when the Indian markets are passing through a bullish mood on hectic buying by jewellers and retailers for the ongoing marriage season," said All-India Sarafa (Bullion) Bazaar Association president Sheel Chand Jain.
"The only trigger for domestic gold prices touching a new high is rupee depreciation," said Kochi-based commodity brokerage firm JRG Wealth vice-president and research head Harish G.
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Gold zooms to new record high of Rs 19,050
The Indian rupee depreciated by 21 paise to 46.57 a dollar in early trade at the Interbank Foreign Exchange on Tuesday on capital outflows by foreign funds and the dollar's gain overseas.
"The global international market is strong, but prices are not rallying at very high level," he added.
"At present, gold prices in the global market are ruling $1,220 per ounce, below the last high of $1,249.4 per ounce," he said.
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Gold zooms to new record high of Rs 19,050
The precious metal's rise in future trading was another supporting factor boosting the sentiment in the physical market.
Gold has gained 8.3 per cent over the past two months in global markets and reached a record $1,249.40 an ounce on May 14 on concerns that European measures to cut deficits and contain sovereign debt risks will curb growth in the region and weaken the Euro.
Pure gold (99.9) spurted by Rs 325 to Rs 19,050 per 10 gram and metal with 99.5 purity traded higher by the same margin at Rs 18,900 per 10 grams.
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Gold zooms to new record high of Rs 19,050
Sovereigns also rose by Rs 50 to Rs 14,650 per piece of eight grams on emergence of buying by retail customers for the ongoing marriage season.
With the firming trend, silver ready shot up by Rs 200 to Rs 29,800 per kg and weekly-based delivery by Rs 280 to Rs 29,440 per kg on emergence of buying by industrial units and jewellery-makers.
Silver coins rose by Rs 100 to Rs 34,500 for buying and Rs 34,600 for selling of 100 pieces.