Gold climbs new peak at Rs 23,270 on global cues

New Delhi, Jul 16: Gold surged Rs 150 to hit a new high of Rs 23,270 per 10 grams today (Jul 16) on brisk buying by stockists, driven by a firming global trend. Silver also staged a strong come back by rising Rs 1,000 to Rs 57,500 per kg on increased offtake by industrial units.

Trading sentiments turned bullish as the yellow metal rose to a record high level in global markets, on mounting concern that debt woes in the US will escalate, boosting its appeal as a safe haven.

Gold in global markets, which normally sets the price trend on the domestic front, rose to a record USD 1,594.90 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity flared up by Rs 150 each to hit a new high of Rs 23,270 and Rs 23,150 per 10 grams, respectively. However, sovereigns held steady at Rs 18,850 per piece of eight grams.

Silver ready bounced back and rose by Rs 1,000 to Rs 57,500 per kg and weekly-based delivery by Rs 1,745 to Rs 58,445 per kg.

Silver coins rose by Rs 61,500 for buying and Rs 62,500 for selling as against last close of Rs 61,500 and Rs 62,000, respectively.

PTI