Gold hits new high of Rs 24,350; silver sheds Rs 3,100

New Delhi, Aug 5: Riding high on firming trend in the global markets, gold touched a new peak of Rs 24,350 per 10 grams today (Aug 5) in the national capital by adding Rs 70.

However, silver nose-dived by Rs 3,100 to Rs 58,600 per kg on reduced offtake by industrial units and coin makers at existing high levels.

Silver coins also tumbled by Rs 3,000 to Rs 63,500 for buying and Rs 64,000 for selling of 100 pieces.

The trading sentiment in gold turned extremely bullish after it gained 0.5 per cent to USD 1,654.35 an ounce overseas as investors sought an alternative to currencies and as debt concerns in the US and Europe spurred the demand for the precious metal an alternative investment.

In addition, marriage season demand and diversion of funds by investors from melting stock markets to bullion market, further fuelled the uptrend in gold prices.

Gold of 99.9 and 99.5 per cent purity rose by Rs 70 each to Rs 24,350 and Rs 24,230 per 10 grams, respectively.

Sovereigns remained stable at Rs 19,300 per piece of eight grams in restricted buying. On the other hand, silver ready nose-dived by Rs 3,100 to Rs 58,600 per kg and weekly-based delivery moved down by Rs 2,935 per kg to Rs 58,795.

PTI