Gold prices cross Rs. 30,000-level

Gold bars are displayed at a gold jewellery shop in the northern Indian city of Chandigarh April 11, 2012. Indian gold futures are likely to extend losses this week, falling below a one-week low touched on April 16, 2012, hurt by a firm dollar overseas, although a revival in physical demand ahead of key festival could limit the downside, analysts said. Picture taken April 11, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)

Gold prices breached the Rs. 30,000-mark for the first time on Saturday on heavy buying by stockists and retailers amid strong overseas trend, triggered by global financial uncertainty which has increased the metal's appeal as a safe investment haven.

Gold shot up by a hefty Rs. 960 to touch a record high of Rs. 30,300 per 10 gram in line with global rally where it jumped the most in ten months. Traders said gold, both of 99.9 and 99.5 per cent purity, recorded the biggest single day gain of Rs 960 each to Rs. 30,300 and Rs. 30,160 per 10 gram, respectively.

Sovereign also shot up by Rs. 350 to Rs. 24,200 per piece of eight grams.

Marketmen said signs of weakening job growth in the U.S. and deepening eurozone debt crisis have increased metal's appeal. Increased demand from investors further fuelled the trading sentiment, they added.