Gold zooms to all-time high on marriage season demand

Nov 09, 2011 |

New Delhi

Tags:

Gold
prices

Gold today crossed the all-time high level of Rs 29,000 while silver coins touched the record Rs 68,000 mark in the bullion market here on strong demand propelled by ongoing marriage season and deepening financial worries.

Gold gained Rs 200 to touch an all-time high of Rs 29,140 per 10 grams as the metal rallied in overseas markets to a seven-week high on concerns that European leaders will be unable to tame the region's sovereign-debt crisis.

Silver coins followed suit and shot up by Rs 2,500 to an all-time high of of Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces.

Traders said heavy buying jewellery makers to meet the marriage season demand and shifting of funds by investors to bullion from melting equity boosted the trading sentiment.

Gold of 99.9 and 99.5 per cent purity surged by Rs 200 each to Rs 29,140 and Rs 29,000 per 10 grams.

The metal gained 0.7 per cent to USD 1,802.93 an ounce in Singapore, the highest level since September 21. Silver also climb 0.5 per cent to USD 35.13 an ounce.

Sovereign also rose to record level by adding Rs 150 to Rs 23,150 per piece of eight grams.

Silver ready spurted by Rs 650 to Rs 58,000 per kg and weekly-based delivery by Rs 390 to Rs 57,870 per kg.

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