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Gold, silver scale new highs on global trend

Wednesday, December 1, 2010  December    The Economic Times   

MUMBAI: Gold prices rose further to climb yet another peak at the bullion market here on Wednesday owing to hectic buying from speculators and stockists amid buoyant global conditions.

Besides the global bullishness, heavy demand from jewellery makers to meet the rising orders from consumers in view of busy marriage season, too, supported the gold uptrend.

Moving with the general trend, silver also conquered another milestone, scaling the Rs 44,000 per kilo level, driven by robust industrial consumption and strong investment demand, coupled with firm trend in overseas markets.

Standard gold (99.5 per cent purity) hardened by Rs 75 per 10 grams to end at Rs 20,615 from overnight closing level of Rs 20,540. It touched a high of Rs 20,715 in early trade.

Pure gold (99.9 per cent purity) also gained by a similar margin to finish at Rs 20,710 as compared to Rs 20,635. It hit a high of Rs 20,815 in morning trade.

Silver ready (.999 fineness) surged by a hefty Rs 1,445 per kg to close at Rs 44,130 from Tuesday's closing level of Rs 42,685.

In Europe, gold continued to move higher on concerns over deepening eurozone debt crisis.

Spot gold was bid at $1,392.09 an ounce in early trade as against $1,384.94 late in New York yesterday. Silver was bid at $28.52 an ounce as against $28.05.