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Gold rally to record high at Rs 32,450

Press Trust of India/Mumbai 08 Sep 12 | 03:33 PM

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 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.

The precious metal in New York shot up by USD 34 to USD 1,735.30 an ounce, its biggest gain since February 29.

In addition, sustained buying by stockists for the coming marriage season and investors parking their funds for quick gains also supported the upsurge.

With the general firming trend, silver shot up by Rs 2100 to Rs 61,800 per kg on increased offtake by industrial units and coin makers.

"The gold is linked with firming global cues and might see more peak levels in coming days on approaching festivals like Navratras and Diwali," said Surender Jain, General Secretary of All India Sarafa Association.

Jain said the global rally came at a time when the market is already in stockists grip on marriage season demand and weak rupee making the metal import more costlier.

On the domestic front, gold of 99.9 and 99.5 per cent purity rallied by Rs 540 each to Rs 32,450 and Rs 32,250 per ten grams respectively. Sovereign followed suit and surged by Rs 200 to Rs 25,300 per piece of eight gram.

Silver ready recorded a handsome gain of Rs 2100 to Rs 61,800 per kg and weekly-based delivery by Rs 2225 to Rs 63,995 per kg. Silver coins spurted by Rs 4000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

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