Gold prices hit another new high of Rs 32,975/10 gms

Gold prices on Tuesday surpassed all previous highs to set new record of Rs 32,975 per 10 grams on demand from retailers for the peak marriage season Gold of 99.9 and 99.5 percent purity advanced by Rs 2 each to Rs 32,975 and Rs 32,775 per 10 grams, respectively in bullion market . Sovereigns rose by Rs 50 to Rs 25,700 pe piece of eight grams.

The yelow metal had touched an all-time high of Rs 32,950 per 10 grams on Monday. Gold prices have gained Rs 575 in the last five trading sessions. Prices in Mumbai, however, lost Rs 140 to Rs 32,500 per 10 grams. In Kolkata too, it fell by Rs 115 to Rs 32,885. Similarly, prices fell by Rs 100 to Rs 32715 per 10 grams in Chennai.

Traders said gold prices improved on increased demand in view of the ongoing marriage season and lifted the prices to another record high. A firming global trend further supported the prices, they said.

Global prices, which normally sets the price trend on the domestic front, advanced 0.2 per cent to USD 1,751.80 an ounce in Singapore. In London too, gold added 77 cents to USD 1,749.42 an ounce. Similarly in futures trade, the precious metal prices rose by Rs 54 to Rs 32,797 per 10 grams as speculators enlarged their positions, taking positive cues from overseas market.