May 02, 2012, 08.08 AM | Source: PTI
Gold climbs to record high of Rs 29,690 on seasonal buying
However, silver met with resistance at prevailing higher level and declined by Rs 100 to Rs 56,800 per kg. Marketmen said rising wedding season demand and weakening rupee mainly supported the upswing in the dollar-priced gold. They said firming trend in global markets and investment shifting from melting equities to bullion further fuelled the uptrend.
Gold in overseas markets, which normally set price trend on the domestic front, added 0.2 per cent to USD 1,667.95 an ounce in Singapore, the highest level since April 13.
Meanwhile, the Indian rupee declined to nearly four months low against the US currency at 52.73 last evening. On the domestic front, gold of 99.9 and 99.5 per cent purity advanced further by Rs 100 each to Rs 29,690 and Rs 29,550 per 10 gm, respectively. Sovereign followed suit and traded higher by the same margin to Rs 23,750 per piece of eight gram. On the other hand, silver ready snapped three-day rising streak, lost Rs 100 to Rs 56,800 per kg, after gaining Rs 900 in last three sessions. Silver weekly-based delivery also declined by Rs 65 to Rs 55,900 per kg. However, silver coin spurted by Rs 1,000 to Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces on account of marriage season demand.