Gold surged by another Rs. 90 to near record levels in the national capital on Thursday amid strong festival season demand and soaring prices in global markets.
Gold, which had gained Rs. 145 in the previous session, shot up by Rs. 90 to Rs. 19,200 per 10 grams as major market players enlarged their positions to meet festive season demand. The metal had touched an all-time high of Rs. 19,220 per 10 grams on June 8.
The upsurge was also supported by gains in global markets, with the precious metal touching an eight-week high on the back of U.S. dollar weakness and fears of an economic slowdown spurring demand for gold as a safe investment haven.
Silver also climbed to an eight-week high in overseas markets.
Gold in overseas markets, which normally sets the price trend on the domestic front, gained $3.50 to $1,243.55 an ounce, its highest level since July 1.
Gold of 99.9 per cent and 99.5 per cent purity rose further by Rs. 90 to Rs. 19,200 and Rs. 19,100 per 10 grams, respectively. Sovereigns held steady at Rs. 14,900 per kg in restricted buying.
In line with the general firming trend, silver registered handsome gains to cross Rs. 30,000 level for the first time this year. Silver ready prices rose by Rs. 800 to Rs. 30,650 per kg and weekly-based delivery rates by Rs. 660 to Rs. 30,285 per kg on increased offtake.
Silver coins also rose by Rs. 200 to Rs. 34,800 for buying and Rs. 34,900 for selling of 100 pieces on account of strong demand during the festive season.
