Gold sets new record at Rs. 19,405 per 10 grams

A salesman fixes the gold pieces in the window of a shop at the Gold Souq in Dubai, United Arab Emirates, Tuesday, April 20, 2008. In ancient and modern gold souqs across the Arab world, businessmen and customers are feeling the pinch of record high gold prices and unlike in the West where gold jewellery is largely viewed as a luxury, gold is an intrinsic part of the Arab culture. (AP Photo/Kamran Jebreili)

Gold today climbed to an all-time of Rs. 19,405 per 10 grams in the bullion market here after frantic buying stockists to meet the rising demand during the ongoing festival season.

The precious metal mirrored the gains in global markets, the trend setter on the domestic front, marketmen said. Gold rose to two-month high levels in the global markets following a fall in the dollar.

Gold prices spurted by Rs. 215 to trade at a record high of Rs. 19,405 per 10 grams, surpassing the previous record level of Rs. 19,220 set on June 8.

Silver recorded a handsome gain of Rs. 525 to trade at Rs. 30,950 per kg on increased offtake by industrial units and jewellery fabricators.

Marketmen said that a sharp rise in demand from jewellers and stockists to meet the ensuing festival season demand boosted the uptrend.

Gold of 99.5 per cent purity shot up by Rs. 215 to Rs. 19,305 per 10 grams. Sovereigns also rose by Rs. 100 to all-time high of Rs. 15,000 per piece of eight grams.

Silver ready gained Rs. 525 to trade at Rs. 30,950 per kg and weekly-based delivery spurted by Rs. 640 to Rs. 30,920 per kg. Silver coins were also gained Rs. 200 to Rs. 34,900 for buying and Rs. 35,000 for selling of 100 pieces.