Gold rallies to new peak, silver advances

Mumbai, Aug 18: Gold prices rallied to all time new peak at the domestic bullion market here on Wednesday hectic buying by investors and traders well supported by ongoing rising trend in global markets.

Silver also advanced on heavy speculative buying amidst good industrial demand. In Europe, gold rose further on investors concern over the fate of eurozone after the Franco-German summit failed to produce any result over eurozone debt crises.

Standard gold (99.5 purity) strengthened by Rs 240 per 10 grams to end at Rs 26,395 from Tuesday's closing level of Rs 26,155.

Pure gold (99.9 purity) also went up by a similar margin of Rs 240 per 10 grams to close at Rs 26,520 as compared to Rs 26,280 on Wednesday.

Silver ready (.999 fineness) surged by Rs 945 per kilo to finish at Rs 61,090 from Rs 60,145. In Europe, spot gold was bid at USD 1,791.09 an ounce in early trade, while silver was bid at USD 40.02 an ounce.

PTI