Gold climbs to all-time high of Rs 30,550 on global cues

Gold prices surged to an all-time high of Rs 30,550 per 10 gm in the national capital on Thursday on sustained buying by jewellers for the coming marriage season amid a firming global trend.

The gold today climbed Rs 130 level, surpassing its previous record level of Rs 30,420 set yesterday. The yellow metal had gained Rs 920 in previous four trading sessions.

Silver also rose by Rs 100 to Rs 55,700 per kg on increased offtake by industrial units.

Sentiment remained firm after gold gained in global markets on speculation the Federal Reserve will take more steps to buoy the economy, potentially hurting the dollar.

Gold in global markets, which normally set price trend on the domestic front, rose 0.2 per cent to USD 1,619.63 dollar an ounce and silver by 0.5 per cent to USD 28.95 in London.

In addition, increased buying by stockists and jewellers for the coming marriage season and shifting of funds from weakening equity market to rising bullion further fuelled the uptrend in precious metals.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 130 each to Rs 30,550 and Rs 30,350 per 10 gm, respectively, a level never seen before.

Sovereign followed suit and added Rs 50 to Rs 24,350 per piece of eight gram.

Similarly, silver ready rose further by Rs 100 to Rs 55,700 per kg and weekly-based delivery by Rs 70 to Rs 55,240 per kg.

On the other hand, silver coins held steady at Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.