Mumbai:
Gold prices surged for the third consecutive trading session on Saturday to touch a new peak at the bullion market in Mumbai, driven by consistent investment and speculative demand. Silver also edged higher on stray industrial support.
Standard gold (of 99.5 per cent purity) spurted by Rs 110 to end at Rs 29,155 per 10 gram from Friday's closing level of Rs 29,045.
Pure gold (99.9 per cent purity) went up by a similar margin to end at Rs 29,290 per 10 gram as against Rs 29,180 previously.
Silver ready (.999 per cent fineness) gained by Rs 15 per kg to settle at Rs 56,815, up from Rs 56,800.
After a bull run in 2011, the yellow metal had been witnessing a range-bound trade on sustained profit-taking as well as rigidity in import duty structure.
The sudden spike was mainly attributed to highly fluctuating equity markets, as investors and speculators shifted their funds to better avenues, traders said. Moreover, marriage season demand also supported the uptrend, they said.
In New York, gold gained further on the back of a sliding dollar and the weakening US economic growth outlook amidst rising concerns about the Eurozone debt crisis.
Gold for June delivery advanced US $4.30 to US $1,664.80 an ounce on the Comex division of the NYMEX late on Friday.
May silver contracts added 14 cents to US $31.35 an ounce.
Standard gold (of 99.5 per cent purity) spurted by Rs 110 to end at Rs 29,155 per 10 gram from Friday's closing level of Rs 29,045.
Pure gold (99.9 per cent purity) went up by a similar margin to end at Rs 29,290 per 10 gram as against Rs 29,180 previously.
Silver ready (.999 per cent fineness) gained by Rs 15 per kg to settle at Rs 56,815, up from Rs 56,800.
After a bull run in 2011, the yellow metal had been witnessing a range-bound trade on sustained profit-taking as well as rigidity in import duty structure.
The sudden spike was mainly attributed to highly fluctuating equity markets, as investors and speculators shifted their funds to better avenues, traders said. Moreover, marriage season demand also supported the uptrend, they said.
In New York, gold gained further on the back of a sliding dollar and the weakening US economic growth outlook amidst rising concerns about the Eurozone debt crisis.
Gold for June delivery advanced US $4.30 to US $1,664.80 an ounce on the Comex division of the NYMEX late on Friday.
May silver contracts added 14 cents to US $31.35 an ounce.
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