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  • Gold, silver soar to new record high on global surge

    Published on September 24, 2010

    Gold and silver prices soared to create a new record high at the bullion market in Mumbai on Thursday, on heavy stockists and speculative driven buying supported by surging international markets.

    “The sudden revival seems to be cited as investors and traders shifting funds from beleaguered equity markets to precious metals as a better avenue,” traders said.

    Standard gold (99.5 purity) shot up by Rs 150 per ten grams to close at Rs 19,210 from Tuesday’s closing level of Rs 19,060.

    Silver ready (.999 fineness) jumped by Rs 440 per kilo to end at Rs 33,195 from Rs 32,755. It touched an high of Rs 33,275 in early trade.

    In Europe, Gold was near record high planning to breach USD 1,300-level an ounce, while silver flirted with 30-year peaks as the threat of currency devaluation lifted interest in the metals.