Business IdeasGold sets new record above Rs 16K levels
Gold and silver sparkled and logged an all-time peak in Mumbai"s Zaveri Bazar on Wednesday on heavy stockists buying and firm global guidance.
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Standard gold (.999) surged Rs 260 in early afternoon trade to transact business at Rs 16035 per 10 gram while pure gold also moved up similarly to trade at Rs 16120 per 10 gram.
Ketan Shroff of Pushpak Bullions, a precious metals trader in Zaveri Bazar, said that high prices in the global market is pushing the price up. In addition to that, need based retail purchases ahead of festival season continues even at this price level.
In anticipation of a recovery in global economy and thereby, favourable sales overseas on the occasions like Christmas and New Year, stockists are building their stocks for innovative jewellery designs. All these buyings are helping prices breaching all previous records, Shroff said.
The yellow metal had earlier set the high record at Rs 15875 per 10 gram on September 8.
Meanwhile, gold hit $1020 an oz in London in early afternoon trade while silver $17.35 an oz. In Tokyo today, spot gold rose to $ 1,016.45 an oz from the previous close of $ 1,005.90 an oz. The metal is within sight of a record high of $1,030.80 registered on March 17, 2008.
In London, silver hit 13-month high of $17.27 an ounce as against $16.97.
Silver also finds good support during this festival season with traders and individual consumers are considering the white precious metal a good buy. Silver prices shot up in domestic market to hit Rs 27,000 per kgs in Mumbai.