Gold prices climbed but fell just short of touching another record high on the domestic bullion market today on hectic investors’ and stockists’ offtake, triggered by a surge in international prices. Silver also tracked the yellow metal and jumped on heavy speculative demand as well as industrial buying.
Standard gold (99.5 purity) strengthened by Rs 190 to end at Rs 30,280 per 10 gm, from Tuesday’s closing level of Rs 30,090. Pure gold (99.9 purity) also hardened by Rs 180 to finish at Rs 30,420 per 10 gm, from Rs 30,240.
Silver ready (.999 fineness) surged by Rs 740 per kg to conclude at Rs 56,440, compared with Rs 55,700 previously.
In New York, gold rose to its highest in the last three months on weak dollar following Chinese indications of a fresh stimulus and speculation that the European Central Bank (ECB) would take steps against the spread of the debt crisis by capping Spanish and Italian borrowing costs. Gold for December delivery zoomed by $19.90 to $1,642.90 an ounce on the Comex division of the Nymex late yesterday