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Mumbai blasts fuel gold to all-time high?

Gold prices surpassed all previous records as they spurted to Rs 23,220 today,

Written by Agencies | New Delhi | Published: July 14, 2011 4:50:12 pm

Did the Mumbai blasts have an impact on gold demand today? With security under threat,people run to safe heaven buying to guard against risk and gold has proved it to be so as yellow metal rushed towards an all-time high.

Gold prices surpassed all previous records as they spurted by Rs 170 to Rs 23,220 today,on brisk buying by stockists – demand was also driven by a firm trend in the international markets due to the deepening Euro debt crisis.

The yellow metal crossed its last record level of Rs 23,175 set on April 30 this year.

Similarly,silver spurted by Rs 2,300 to Rs 57,300 per kg,in line with the general firming trend,on heavy buying by stockists and speculators.

Market analysts said the trading sentiments remained bullish as gold in international markets climbed 0.66 per cent to a record USD 1,593 an ounce,as concern about Europe’s debt crisis spurred demand for the metal as a protection of wealth.

The precious metal touched record levels in domestic as well as futures trade worldwide,which further buoyed the sentiment,they added.

At the Multi Commodity Exchange,the yellow metal touched the peak of Rs 23,465 by adding Rs 269,indicating further upsurge in the coming days.

On the domestic front,gold of 99.9 and 99.5 per cent purity gained Rs 170 each to Rs 23,220 and Rs 23,100 per 10 grams,respectively.

Sovereigns also gained Rs 50 to Rs 18,850 per piece of eight grams.

Likewise,silver ready moved up by Rs 2,300 to Rs 57,300 per kg and weekly-based delivery climbed Rs 3,060 to Rs 57,960 per kg,on brisk buying by industrial units.

Silver coins followed suit and jumped up by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

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