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    Dec 2009


    Default Gold rally to record high at Rs. 32,450 on strong global cues

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    Gold rallied to all-time high of Rs 32,450 per 10 gm in the national capital on Saturday on aggressive buying by stockists sparked by strong global cues amid seasonal demand.

    The gold spurted by Rs 540 to Rs 32,450 per 10 gm, a level never seen before as the metal in overseas markets rallied to six-month high after a government report showed the US added less jobs, boosting speculation the Federal Reserve will increase stimulus measures to shore up global growth.

    The precious metal in New York shot up by $34 to $1,735.30 an ounce, its biggest gain since February 29.

    In addition, sustained buying by stockists for the coming marriage season and investors parking their funds for quick gains also supported the upsurge.

    With the general firming trend, silver shot up by Rs 2100 to Rs 61,800 per kg on increased off take by industrial units and coin makers.

    “The gold is linked with firming global cues and might see more peak levels in coming days on approaching festivals like Navratras and Diwali,” said Surender Jain, General Secretary of All India Sarafa Association.
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