Gold price touches Rs 31,400

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3 Nov 2010
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NEW DELHI: Scaling a new peak, gold prices on Monday touched all time record of Rs 31,400 per 10 grams in the bullion market here on strong cues from global markets.

Traders said gold registered gains for the seventh trading session in a row, rising by Rs 100, on sustained buying by stockists amid rally in overseas market.

The investors were also seen shifting funds from melting equities to firming bullion, they added.

The metal has gained Rs 860 in last six trading sessions. However, silver lacked necessary buying support and declined by Rs 100 to Rs 57,700 per kg.

In global markets, gold rose to a four-month high on speculation that central banks from the US to China will act to spur economic growth and investment holdings in the metal climbed to record, supporting its rally here.

In Singapore, the yellow metal rose by 0.4 per cent to USD 1,676.90 an ounce, the most expensive since April 13.

Back home, gold of 99.9 and 99.5 per cent purity advanced by Rs 100 each to Rs 31,400 and Rs 31,200 per 10 grams, respectively.

Sovereign rose by Rs 100 to Rs 24,800 per piece of eight grams.

Silver ready declined by Rs 100 to Rs 57,700 per kg, while weekly-based delivery spurted by Rs 1,000 to Rs 58,200 per kg on speculative buying.

Silver coins met with resistance at higher levels and plunged by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

Bad news for women. :shy
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