Gold shines at Rs 17,400

NEW DELHI: Firming global trend and melting domestic equities helped gold prices reach a new high at Rs 17,400 per 10 gram in the bullion market
here today.

Marketmen said the bullion market drew support from reports that gold in international markets surged to an all-time high of 1,153.90 dollar an ounce.

Besides, some investors were seen shifting from melting equity market to rising bullion for quick gains, boosting the demand for the metal, they said.

"The precious metals are more fancy of investors in domestic as well as overseas markets these day as a better option for making fast profits," said Rakesh Anand of R K Jewellers.

Marketmen said increased buying by stockists and jewellery fabricators for the ongoing marriage season was another factor that lifted the gold prices.

Standard gold and ornaments added another Rs 30 each to Rs 17,400 and Rs 17,250 per 10 gram respectively, while sovereign was unchanged at Rs 13,500 per piece of eight gram.

Silver ready remained steady at Rs 28,600 per kg in restricted buying, while weekly-based delivery strengthened by Rs 105 to Rs 28,200 per kg on speculators buying.

Silver coins continued to be asked around previous level of Rs 34,000 for buying and Rs 34,100 for selling of 100 pieces.