Gold on Wednesday hit an all-time high by rising Rs 640 to Rs 24,330 per 10 grams on heavy buying by stockists, driven by a rally in overseas market. Silver also flared up on industrial demand and increased by Rs 1,500 to Rs 60,100 per kg.
Trading sentiments remained buoyant after gold rallied to an all-time high in Asia, as escalating concern that the global recovery may be losing momentum, drove investors to buy the yellow metal to protect their wealth.
Wholesale buying in India, the world's biggest consumer of bullion, is expected to gather pace ahead of a slew of festivals starting on August 13 and as monsoon rains gradually subside.
"Selling by investors and increased scrap supply is the order now," said Daman Prakash Rathod, director at Chennai-based MNC Bullion.
Dealers in India reported discounts of $3 to $10, indicative of ample supply in the market.
Gold has hit record highs in nine out of 16 sessions and climbed about 12 percent over the past month, buoyed by the worsening debt crisis in the euro zone and US deficit talks.
Gold in global markets, which normally sets the price trend on the domestic front, surged to an all-time high of $1,671.82 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity spurted by Rs 640 each to Rs 24,330 and Rs 24,210 per 10 grams, respectively, boosted by heavy buying by retail customers for the upcoming marriage season.
Sovereigns followed suit and shot up by Rs 300 to a new peak of Rs 19,300 per piece of eight grams.
Similarly, silver ready spurted by Rs 1,500 to Rs 60,100 per kg and weekly-based delivery by Rs 2,030 to Rs 60,720 per kg. Silver coins shot up by Rs 1,000 to Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.
Source: www.economictimes.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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