Gold zooms to new record high of Rs 19,050

New Delhi, June 1 (PTI) Gold prices zoomed to an all-time
high of Rs 19,050 per ten grams in the Indian capital on
Tuesday on skyrocketing global rates amid the ongoing marriage
season in India.

In international markets, gold prices surged for the
seventh straight day as the European debt crisis increased
demand for the precious metal as a safe haven.
Bullion in the Asian region gained as much as 0.5 per
cent to USD 1,222.47 an ounce, its highest level since May 19,
as the euro extended its 2.4 per cent decline against the US
dollar last week.
"The steep rise in gold prices comes at a time when the
Indian markets are passing through a bullish mood on hectic
buying by jewellers and retailers for the ongoing marriage
season," said All-India Sarafa (Bullion) Bazaar Association
President Sheel Chand Jain.
"The only trigger for domestic gold prices touching a new
high is rupee depreciation," said Kochi-based commodity
brokerage firm JRG Wealth Vice-President and Research Head
Harish G.
The Indian rupee depreciated by 21 paise to 46.57 a
dollar in early trade at the Interbank Foreign Exchange
Tuesday on capital outflows by foreign funds and the dollar's
gain overseas.
"The global international market is strong, but prices
are not rallying at very high level," he added.
"At present, gold prices in the global market are ruling
USD 1,220 per ounce, below the last high of USD 1,249.4 per
ounce," he said.
The precious metal's rise in future trading was another
supporting factor boosting the sentiment in the physical
market.
Gold has gained 8.3 per cent over the past two months in
global markets and reached a record USD 1,249.40 an ounce
on May 14 on concerns that European measures to cut deficits
and contain sovereign debt risks will curb growth in the
region and weaken the euro.
Pure gold (99.9) spurted by Rs 325 to Rs 19,050 per ten
gram and metal with 99.5 purity traded higher by the same
margin at Rs 18,900 per ten grams.
Sovereigns also rose by Rs 50 to Rs 14,650 per piece of
eight grams on emergence of buying by retail customers for the
ongoing marriage season.
With the firming trend, silver ready shot up by Rs 200 to
Rs 29,800 per kg and weekly-based delivery by Rs 280 to Rs
29,440 per kg on emergence of buying by industrial units and
jewellery-makers.
Silver coins rose by Rs 100 to Rs 34,500 for buying and
Rs 34,600 for selling of 100 pieces.
Pure gold (99.9) spurted by Rs 325 to Rs 19,050 per ten gram
and metal with 99.5 purity traded higher by the same margin at
Rs 18,900 per ten grams.
Sovereigns also rose by Rs 50 to Rs 14,650 per piece of
eight grams on emergence of buying by retail customers for the
ongoing marriage season.
With the firming trend, silver ready shot up by Rs 200 to
Rs 29,800 per kg and weekly-based delivery by Rs 280 to Rs
29,440 per kg on emergence of buying by industrial units and
jewellery-makers.
Silver coins rose by Rs 100 to Rs 34,500 for buying and
Rs 34,600 for selling of 100 pieces. PTI RS