Gold hits new high at Rs 29,490 on seasonal demand

New Delhi, Dec 2: Gold climbed a new peak today (Dec 2) by rising Rs 50 to Rs 29,490 per 10 grams on sustained buying by stockists to meet the ongoing marriage season demand amid a firming global trend.

The precious metal has surpassed its previous record of Rs 29,440 per 10 grams set on November 30.

Silver followed suit and surged by Rs 1,050 to Rs 56,950 per kg on increased offtake by industrial units and jewellery makers, amid a similar firming trend in the Asian region.

The trading sentiment remained bullish on sustained buying by stockists, jewellers and retailers for the ongoing marriage season, traders said.

The trend was further supported as the precious metals continued to gain fresh ground on all-round buying as a hedge against turmoil in financial markets, they said.

Gold in global markets, which normally sets the price trend on the domestic front, traded higher by USD 2.80 to USD 1,748.10 an ounce and silver by 1.50 per cent to USD 33.22 an ounce in Singapore.

On the domestic front, gold of 99.9 and 99.5 per cent purity added another Rs 50 each to Rs 29,490 and Rs 29,350 per 10 grams, respectively. Sovereigns rose by Rs 50 to Rs 23,350 per piece of eight grams.

In a similar fashion, silver ready spurted by Rs 1,050 to Rs 56,950 per kg and weekly-based delivery by Rs 2,750 to Rs 57,650 per kg. However, silver coins held steady at Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

PTI