Gold zooms past Rs 32,000 per ten grams

Tracking record global prices, gold soared by Rs 320 per ten grams on Thursday to fresh life-time high of Rs 32,300 in the national capital.

Rallying for the third consecutive day, gold prices crossed the Rs 32,000-level in New Delhi. In Mumbai, rates jumped Rs 220 at Rs 31,700. In other metros, gold gained in the Rs 175-275 range with prices in Kolkata reaching Rs 32,175.00 while the rates stood at Rs 31,960 in Chennai.

In last three days, gold in New Delhi has become costlier by Rs 690, while it gained Rs 1,555 in last two weeks.

Market participants attributed the sharp rise in the gold prices to firming global rates as dollar weakened. Global prices on Thursday rose one per cent to 1,709.90 dollar an ounce in London, matching a level last seen on 13 March.

'The sharp rise in domestic gold prices was mainly due to robust global market, where prices have risen from USD 1,500 an ounce to USD 1,700 an ounce in just 15 days on hopes that the US and Europe may inject liquidity in the market,' SMC comtrade chairperson D K Aggarwal said.

Meanwhile in futures markets, gold on Thursday hit new record high of Rs 32,758 per 10 grams.