Gold hits record high at Rs. 21,270

Surpassing all previous levels, gold hit a new high by rising Rs. 200 to Rs. 21,270 per 10 grams on the bullion market on Wednesday on aggressive buying by stockists for the ongoing marriage season, amid firm global trends.

The yellow metal crossed its last record level of Rs. 21,240 set on February 24 this year.

However, silver slipped from record high by losing Rs. 700 to Rs. 50,000 per kg on reduced offtake by industrial units and coin makers at existing high levels.

Trading sentiments turned extremely bullish for gold as it rose to a record level of USD 1,435.60 an ounce in overseas markets as unrest in Libya spurred demand for the metal as a safe haven.

Besides, ongoing marriage season and festival demand further supported the gold prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity climbed by Rs. 200 each to set a new peak of Rs. 21,270 and 21,150 per 10 grams, respectively. Sovereign remained stable at Rs. 17,200 per piece of eight grams.

Silver weekly-based delivery also tumbled by Rs. 1,045 to Rs. 50,155 per kg on lack of speculative buying support.

Silver coin too traded lower by Rs. 100 to Rs. 54,500 for buying and Rs. 55,000 for selling of 100 pieces.

Source: Financial Express