Gold in 99.5 per cent purity rose by Rs 600 to touch its lifetime high at Rs 78,300 per 10 grams. The metal had ended at Rs 78,100 per 10 grams.
In the national capital, gold prices rose to an all-time high of Rs 78,700 for 10 kilos on Monday as merchants and stockists continued buying, which indicated that the festival of Diwali is just round the corner. The All India Sarafa Association said the price increase was done disregarding the weak global trend that the company was suffering. The price of gold was at Rs 78,500 for 10 grams on Friday. Silver prices shot up by as much as Rs 500 at Rs 93,500 per kg on increased industrial demand in the otherwise relatively muted trading session yesterday. The metal had closed at Rs 93,000 per kg during the previous session.
In the meantime, gold of 99.5 per cent purity increased by Rs 600 to again trade at its all-time high level at Rs 78,300 per 10 grams. Gold had ended at Rs 78,100 per 10 grams. On 7 October, the previous all-time high, gold prices had touched a record level at Rs 78,700 per 10 grams.
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Overseas, sentiment for the precious metal remained on the back foot despite an improved trend in the domestic market, where it rose on increased demand from jewellers, traders said. In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery fell by Rs 207 or 0.27 per cent to trade at Rs 76,100 per 10 grams.
Gold In International Markets
Overseas markets, The gold of Comex was trading 0.25 per cent lower at USD 2,669.50 an ounce. “Gold resumed trade on a weaker note on Monday as pressures built from a strong US dollar and Treasury yields, but in turn, gold got support due to rising fears of recession as investors fled stock markets around the world following a series of disappointing economic reports”, said Saumil Gandhi, Senior Analyst-Commodities at HDFC Securities. Apart from this, the long liquidation by short-term traders also worsened the gold prices, and the money managers lowered their net-bullish bets on gold to a record low in eight weeks, Gandhi added further. Silver declined 1.17 percent lower to $31.39 an ounce in Asian markets.
