Gold prices soar to a new high at Rs 30,420

Gold prices, on Wednesday, jumped to an all-time high of Rs 30,420 per 10 grams in the bullion market here on the back of soaring demand ahead of the wedding season amid firming trends in global markets.

Prices of the precious metal spurted by Rs 270 to surpass its previous record of Rs 30,400 set on June 6. In Mumbai, gold rose by an identical Rs 270 from Rs 29,740 to Rs 30,100 per 10 grams.

Traders said the market sentiment firmed up on heavy purchases by jewellers and stockists for the marriage season beginning at the end of this week. The uptrend was further supported by a firming global trend as weakening dollar (against the Euro) boosted the demand for bullion as an alternative investment. In London, gold gained 0.2 per cent to $1,613.29 an ounce.

In the futures market, gold prices also shot up. At the Multi-Commodity Exchange, gold for delivery in October rose by Rs 43, or 0.14 per cent, to Rs 30,340 per 10 grams.

Prices of silver too rose with the metal jumping by Rs 600 to Rs 55,600 per kg on increased offtake by industrial units and coins makers.

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