Adding to its appeal as safe investment bet,gold today surged to new record of over Rs 24,000 per 10 grams on soaring demand from stockists and jewellery makers ahead of the marriage season. Standard gold (99.5 purity) gained by Rs 70 to close at Rs 24,025 per 10 grams in the Mumbai bullion market. Pure gold (99.9 purity) also rose by a similar margin to finish at Rs 24,145 per 10 grams. Gold prices rose beyond Rs 24,000-level yesterday as well,but closed slightly lower at Rs 23,955 in Mumbai. Pure gold (99.9 purity) also rose by a similar margin of Rs 70 per 10 grams to finish at Rs 24,145 from Rs 24,075 yesterday. The prices,however,fell from yesterday's record high of Rs 24,330 to Rs 24,280 in Delhi,showing a loss of Rs 50. Traders attributed fall in Delhi prices to reduced offtake at existing high levels. Gold prices in India are mirroring similar trends in the US and other international markets. In New York,the fear of recession and falling stock markets across the globe have pushed gold to record highs. Gold for December delivery gained USD 21.80 to USD 1,666.30 an ounce on the Comex division of the NYMEX yesterday. The silver price added by USD 1.67 to USD 41.76 an ounce. "Gold is witnessing a runaway rally for the past three days here,due to overseas bullishness for the metal as a risk aversion asset,impacted by worsening global economic situations," traders said. The other precious metal,silver,also rallied in both the cities. Silver prices rose by Rs 1,600 to Rs 61,700 per kg in Delhi. Traders said silver gained on sustained buying by industrial units amid a firming trend overseas,where it added 0.8 per cent to USD 42.02 an ounce. In Mumbai,silver ready (.999 fineness) zoomed by a hefty Rs 1,025 per kg to conclude at Rs 61,640 from overnight close of Rs 60,615.
