Gold touched a new all-time high level on Monday by rising Rs 30 to Rs 29,295 per 10g, driven by sustained buying from stockists and jewellers to meet demand for the ongoing marriage season, amid a firming global trend. The precious metal had touched a high of Rs 29,140 on November 9. Silver also gained Rs 150 to Rs 58,000 a kg on increased offtake by industrial units and jewellery makers.
Trading sentiments bolstered on heavy purchases by stockists and retailers for the marriage season and investor shifting their funds from weakening stocks to rising bullion. The uptrend further supported by firming global trend after gold advance as a decline in the dollar after the appointment of new governments in Greece and Italy boosted demand for the metal as an alternative asset.
Gold in global markets, which normally set price trend on the domestic front, gained 0.4 per cent to $1,796.27 an ounce in Singapore. On the domestic front, gold of 99.9 and 99.5 per cent purity added another Rs 30 each to Rs 29,295 and Rs 29,155 per 10g, respectively, a level never seen before. However, sovereigns held steady at Rs 23,300 per piece of eight gms in limited deals.
