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Millennium Post

Gold regains record level of Rs 29,540

Amid firm global cues, gold prices spurted by Rs 100 to regain the all-time high level of Rs 29,540 per 10 grams of 99% purity in the bullion market today on strong demand triggered by the ongoing wedding season. Gold of 99.5 per cent purity rose by Rs 100 to Rs 29,400 per 10 grams.

Silver also gained Rs 100 to Rs 56,500 per kg on increased offtake by industrial units and jewellery makers. However, silver coins continued to be asked around previous level of Rs 64,000 for buying and Rs 66,000 for selling of 100 pieces.

Traders said besides continued buying for the wedding season, firm trend in overseas market, where gold advanced as weakening dollar increased the demand for the precious metal as an alternative investment, also boosted the sentiment.

Gold rose by 0.3 per cent to USD 1,664.80 an ounce and silver gained 0.4 per cent to USD 31.41 an ounce in New York last night.

Sovereign remained steady at Rs 23,650 per piece of eight grams in scattered deals.
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