Gold scales yet another new peak, silver also rallies

Mumbai, Aug 25: Extending their rally, gold prices hardened to hit yet another new peak at the domestic bullion market today on consistent off-take by stockists and investors triggered by overnight strong global sentiment.

Silver also flared up on hectic speculative build-up on the back of higher industrial buying. Standard gold (99.5 purity) climbed by Rs 245 to end at Rs 30,760 per 10 grams from Thursday's level of Rs 30,515. Pure gold (99.9 purity) strengthened by Rs 250 to finish at Rs 30,900 per 10 grams from Rs 30,650 yesterday.

Silver ready (.999 fineness) spiked by Rs 400 per kg to close at Rs 57,910 as compared to Rs 57,510 previously. In New York, gold surged further on high expectation of monetary easing from US Federal Reserve and China after weak manufacturing data there.

Gold for December delivery shot up by USD 32.30 to USD 1,672.80 an ounce on the Comex division of the NYMEX late yesterday. Silver for September contract rose 90 cents to USD 30.46 an ounce.

PTI