Gold and silver climb scale new peaks

NEW DELHI: Gold and silver prices here surged to new record levels today on frantic buying by stockists and jewellers, triggered by a strong rally in overseas markets.

Gold was up by Rs 265 to Rs 20,600 per ten grams and silver rose by Rs 1,800 to an unprecedented level of Rs 41,700 per kg.

Trading sentiment at home was bullish after gold in overseas markets climbed to 1,413.47 dollar an ounce and silver advanced 1.2 per cent to 28.07 dollar an ounce, its highest since March 1980, on concerns that some European countries may struggle to raise funds to meet the balooning deficits.

Investors, who shifted funds from volatile stocks to surging bullion for quick gains, further supported the uptrend. Pick up in demand for the coming marriage season was another factor in the current rally.

On domestic front, gold of 99.9 and 99.5 per cent purity remained in demand and jumped up by Rs 265 each to record at Rs 20,600 and Rs 20,500 per ten gram ten grams, respectively. Sovereigns followed suit and rose by Rs 100 to new peak of Rs 16,400 per piece of eight gram.

With the general firming trend, silver ready gained Rs 1,800 to Rs 41,700 per kg and weekly-based delivery by Rs 1,900 to Rs 41,550 per kg.

Silver coin prices also flared up by Rs 800 to new record level of Rs 44,000 for buying and Rs 44,100 for selling of 100 pieces.(PTI)

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