Gold, silver rally to new highs on strong demand

MUMBAI: GOLD prices rallied further to scale a new all-time high at the bullion market here on Wednesday on sustained demand from stockists and jewellers triggered by highly bullish overseas market.

Silver zoomed to hit yet another historic peak taking strength from the global market.

Standard gold (99.5 purity) surged by `165 per ten gram to close at `19,185 from Tuesday’s closing level of `19,020. It touched a high of `19,195 in early trade. Pure gold (99.9 purity) spurted by `170 per ten gram to finish at `19,280, as against `19,110 previously.

It scaled to a peak of `19,285 in morning trade. “Demand for the precious metal is increasing by the day as India is the largest consumer of gold. The market is getting support from global trend where investor are placing bets on bullion as a safe-haven asset,” traders said.

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