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Gold prices scaled new highs on Monday on domestic and global markets as investors rushed for haven.
But the main trigger for gold’s rally to $1,700 an ounce in the global market was Standard & Poors cutting the US credit rating. It fuelled a slump in equities and the dollar amid concern that the global economy is slowing.
In Mumbai, gold (99.5 per cent purity) was quoted at Rs 25,010 for 10 gm, while pure gold (99.9 purity) ruled at Rs 25,130. Silver was quoted at Rs 60,610 a kg.
Spot gold hit a new high of $1,715.25 at 1500 hrs IST. Spot silver gained in sympathy to rise to $39.785 an ounce.
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