Millennium Post

Gold prices touch a new high of Rs 30,420

Gold prices on Wednesday jumped to all-time high of Rs 30,420 per 10 grams in the bullion market here on the back of soaring demand ahead of the wedding season amid firming trends in global markets.

Prices of the precious metal spurted by Rs 270 to surpass its previous record of Rs 30,400 set on 6 June. In Mumbai, gold rose by an identical Rs 270 from Rs 29,740 to Rs 30,100 per 10 gms.

In other markets like Kolkata and Chennai, gold gained Rs 255 each per 10 gms to end at Rs 30,300 and Rs 30,240 respectively.

Traders said the market sentiment firmed up on heavy purchases by jewellers and stockists for the marriage season beginning at the end of this week.

The uptrend was further supported by a firming global trend as weakening dollar (against the Euro) boosted the demand for bullion as an alternative investment. In London, gold gained 0.2 per cent to $1,613.29 an ounce.

‘Persistent fears over the euro zone debt and gloomy economy outlook attracted some safe haven buying in the precious metal. Dollar weakening against its major peers supported the sentiments too,’ said brokerage Geojit Comtrade.
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