Gold climbs to record high of Rs. 29,690 on seasonal buying

www.mangaloretoday.com

New Delhi, May 01, 2012: Gold prices set yet another record high of Rs. 29,690 per 10 gm in the national capital on Monday on rising wedding season demand amid a firming global trend. Gold which had gained Rs. 700 in last nine days, rose further by Rs. 100 to Rs. 29,690 per 10 gm, a level never seen
before.

However, silver met with resistance at prevailing higher level and declined by Rs. 100 to Rs. 56,800 per kg.

Marketmen said rising wedding season demand and weakening rupee mainly supported the upswing in the dollar-priced gold.

They said firming trend in global markets and investment shifting from melting equities to bullion further fuelled the uptrend.

Gold in overseas markets, which normally set price trend on the domestic front, added 0.2% to $1,667.95 an ounce in Singapore, the highest level since April 13.

Meanwhile, the rupee declined to nearly four months low against the US currency at  52.73 last evening.

On the domestic front, gold of 99.9 and 99.5% purity advanced further by Rs. 100 each to Rs. 29,690 and Rs. 29,550 per 10 gm, respectively. Sovereign followed suit and traded higher by the same margin to Rs. 23,750 per piece of eight gram.

On the other hand, silver ready snapped three-day rising streak, lost Rs. 100 to Rs. 56,800 per kg, after gaining Rs. 900 in last three sessions. Silver weekly-based delivery also declined by Rs. 65 to Rs. 55,900 per kg.

However, silver coin spurted by Rs. 1,000 to Rs. 66,000 for buying and Rs. 67,000 for selling of 100 pieces on account of marriage season demand.

Courtesy: Hindustan Times