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05-04-2012, 10:03 AM #1
Gold at new high, rises to Rs 29,695
Gold prices on Thursday rose to all-time high of Rs 29,695 per 10 grams in the billion market as investors shifted funds from equity markets to the precious metal, considered as a safe-haven investment.
Gold closed higher by Rs 35 at Rs 29,695 per 10 grams over the previous close.
Silver, however, lacked necessary follow-up support and declined by Rs 400 to Rs 56,200 per kg on reduced offtake by industrial units.
Traders said gold raced to record high levels as stockists and retail customers preferred to park their funds in the precious metal amid weak stocks and forex makrets.
Gold of 99.9 and 99.5 per cent purity rose by Rs 35 each to new peak level of Rs 29,695 and Rs 29,555 per 10 grams respectively. Sovereign remained steady at Rs 23,750 per piece of eight grams.
On the other hand, silver ready remained selling pressure and lost Rs 400 to Rs 56,200 per kg and weekly-based delivery by Rs 375 to Rs 56,710 per kg.
Silver coins continued to be asked at last level of Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.
05-06-2012, 12:28 AM #2