Gold rally to record high at Rs 32,450

Gold gallops to hit new peak; silver soars to nearly 1yr high

Mumbai

Gold rebounded sharply from its overnight crash to conquer another fresh historic peak and came within a striking distance of the Rs 32,000-mark at the bullion hub here on fresh bout of frenzied speculative buying ignited by encouraging global cues.

Silver also regained smartly and revisited nearly an 11-1/2 month high, driven by aggressive stockist demand amid strong industrial off-take.

Standard gold (99.5 purity) zoomed by Rs 605 to conclude at Rs 31,955 per 10 gm from Friday's closing level of Rs 31,350.

Pure gold (99.9 purity) skyrocketed by Rs 600 to close at Rs 32,095 per 10 gm from Rs 31,495.

Silver ready (.999 fineness) vaulted by Rs 1,825 per kg to finish at Rs 62,930 as compared to Rs 61,105 yesterday.

On the global front, bullion soared to multi-month highs in New York trading on Friday as speculators increased their positions on the back of weaker-than-expected US jobs data amid mounting optimism that the Federal Reserve will roll out fresh round of quantitative easing measures in its next policy meeting.

Apart from strong domestic retail and jewellery demand, speculators who are heavily betting on gold following its soaring global valuations, are mainly driving the prices here, traders said.

In New York, gold for December delivery rose by USD 34.90 to settle at USD 1,740.50 an ounce on the Comex division of the NYMEX late yesterday.

Silver for December contract strengthened by USD 1.02 to USD 33.69 an ounce.

Gold rallied to all-time high of Rs 32,450 per 10 gm in the national capital today on aggressive buying by stockists sparked by strong global cues amid seasonal demand.

The gold price spurted by Rs 540 to Rs 32,450 per 10 gm, a level never seen before as the metal in overseas markets rallied to six-month high after a government report showed the US added less jobs, boosting speculation the Federal Reserve will increase stimulus measures to shore up global growth.

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