Gold Zooms to Near Record at Rs.30,745 on Strong Global Cues

New Delhi: Gold prices surged to near its record level by gaining Rs.235 to Rs.30,745 per 10 grams buoyed by brisk buying by stockists and investors on strong global cues.

In a three-day long rising spree, prices of the precious metal spurted to reach near its all time high level of Rs.30,750 per 10 grams set on June 19, as stockists enlarged their positions to meet ahead of marriage season and investors shifting their funds from easing equities to firming bullion.

On similar lines, silver prices shot up by Rs.950 to trade at Rs.56,000 per kg on increased offtake by industrial units and coin makers.

Sentiment also bolstered as gold traded near a three- month high in global markets after holdings in the biggest exchange-traded fund backed by bullion increased to the most in six weeks and speculation that leaders may agree to contain Europe’s debt crisis.

In London, gold gained U.S. $5.70 at U.S. $1,644.30 an ounce, its highest level since May 7.

On the domestic front, gold of 99.9 and 99.5 percent purity climbed by Rs.235 each to Rs.30,745 and Rs.30,545 per 10 grams, respectively. Gold had gained Rs.70 in last two sessions. Sovereigns rose by Rs.50 to Rs.24,550 per piece of eight grams.

With the general firming trend, silver ready zoomed by Rs 950 to Rs.56,000 per kg and weekly-based delivery by Rs.955 to Rs.55,355 per kg. Silver coins too traded higher by Rs.1,000 to Rs.69,000 for buying and Rs.70,000 for selling of 100 pieces.