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Gold zooms to new record at Rs 31,300 on strong global cues

PTI 25 Aug 2012, 16:57:42 PM IST
New Delhi, Aug 25: Buoyed by a strong rally overseas, gold rose to touch a new high of Rs 31,300 per 10 grams in the bullion market here today.

Gold added Rs 185, registering gains for the sixth day in a row, while silver added Rs 950 to Rs 57,800 per kg on increased buying.

Silver coins also spurted by Rs 2,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces on strong demand.

Traders said gold's rally in the global markets where it recorded biggest weekly gain since January amid speculation that the Federal Reserve will take additional steps to spur the economy, boosting the metal's demand as an inflation hedge, influenced trading sentiments.

In New York, the yellow metal rose by $ 2.10 to $ 1,674.90 an ounce, posting its biggest weekly gain since January 27. Silver also rose 0.5 per cent to $ 30.70 an ounce.

Buying by retail customers for the coming marriage season and investors also supported the uptrend in precious metals, traders said.