Gold rises unabated to new lifetime high even as profit-taking looms

Yellow metal closes at Rs 52,801; there are indications of heavy profit-booking in short term

With the gold price in India climbing a fresh peak on Wednesday, analysts warned investors of a mounting risk of profit-booking. Silver, which has outperformed the yellow metal since the start of this financial year, is already witnessing high volatility in trade.

In Mumbai's popular Zaveri Bazar, standard gold closed at  Rs 52,801 per 10 gram, up Rs 546 from from Tuesday's closing. August 5 futures of gold on the MCX were trading at Rs 52,980 per 10 gram (until 9.13 pm), up 0.74 per cent. 

Internationally, spot gold was trading 0.09 per cent up at $1,959.81 an ounce. 

Silver, too, closed in