Gold prices climbed a new peak at the domestic bullion market here today at Rs 22,145 per ten grams on renewed stockists' as well as stray local buying triggered by surging global cues .
Silver, however, dropped owing to reduced speculative buying amid profit-taking.
Standard gold (99.5 purity) edged higher by Rs 15 per 10 grams to finish at Rs 22,145 from Thursday's closing level of Rs 22,130. Pure gold (99.9 purity) also added by a similar margin to settle at Rs 22,250 from Rs 22,235 previously.
However, silver ready (.999 fineness) dropped by Rs 195 per kg to close at Rs 72,910 from yesterday's closing level of Rs 73,105.
In international markets, Gold today rose to a record high of 1,540.20 dollar an ounce as a weakening dollar and inflation prompted investors to buy precious metals.
The gold rose 9.90 dollar, or 0.7 per cent to the high of 1,541.30 dollar an ounce on the Comex. Silver also climbed 1.27 dollar, or 2.7 per cent to 49.24 dollar an ounce.
The dollar fell to the lowest since December 2009 against the euro after the Federal Reserve kept borrowing costs at a record low.
Assets in the SPDR Gold Trust, the biggest exchange-traded fund backed by gold, expanded 1.5 per cent this month, heading for the biggest gain since August.
Prices reached a record 14 times this month on demand from investors seeking an alternative to the dollar after the currency slumped to the lowest as the US debt widened, and the Federal Reserve signaled that borrowing costs will remain near zero per cent for an extended period.
In 2010, central banks became net buyers for the first time in two decades, adding 87 metric tons in official-sector purchases by countries including Bolivia, Sri Lanka and Mauritius, according to World Gold Council.
As of April, China was the sixth-largest official holder of gold, with 1,054.1 tons, according to WGC estimates.
Source: www.economictimes.indiatimes.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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