Gold Breaches Rs 25,000-MarkNew Delhi, Aug 8: Gold prices breached the crucial Rs 25,000-level for the first time ever in history here, tracking strong trends in global markets where financial uncertainty increased the metal's appeal as a safe
New Delhi, Aug 8: Gold prices breached the crucial Rs 25,000-level for the first time ever in history here, tracking strong trends in global markets where financial uncertainty increased the metal's appeal as a safe investment haven.
With international prices rallying amid concerns that the global economy is slowing, gold in the bullion here gained Rs 460 to set an all-time record of Rs 25,230 per 10 grams.
Traders said heavy buying by stockists and investors in tandem with rising global trend, mainly led to the prices touching record level in spot as well as futures trade here. In addition, some local buying ahead of marriage season also boosted the sentiment, they added.
Gold of 99.9 and 99.5 per cent purity surged by Rs 460 each to Rs 25,230 and Rs 25,110 per 10 grams, respectively. Sovereigns followed suit and shot up by Rs 200 to a new peak of Rs 19,800 per piece of eight grams.
Following downgrading of US' credit rating by Standard and Poor's (S&P), gold zoomed in the overseas market as investors shifted funds from other options like equities and dollar to gold.
After S&P cut the US credit rating from AAA to AA+, the gold prices surged by USD 44.40 to USD 1,707.80 an ounce in Singapore amid slump in equities and the dollar.
Silver ready spurted by Rs 1,300 to Rs 59,900 per kg on increased off take by industrial units and coin makers and weekly-based delivery gained Rs 1,605 to Rs 59,980 per kg.
Silver coins flared up to Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces from previous level of Rs 64,000 and Rs 64,500, respectively. PTI