Gold on record setting spree, gain another peak at Rs 14,400

NEW DELHI: Gold prices today surged to a new peak at Rs 14,400 per ten gram in the national capital on Saturday on aggressive buying by jewellery

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fabricators for marriages amid a firming global trend.

The precious metal, which surged by Rs 320 in previous day's trading, shot up further by Rs 230 at Rs 14,400 per ten gram on rising demand for marriages on Basant Panchami today.

In Hindu mythology, the 'Basant Panchami' is considered to be an auspicious day for marriages without consultation of religious books. Even in an off-season, there are record number of marriages today.

The precious metal gained on reports that gold rose to a three-month high in London as firming crude oil increased the demand of gold considered as a hedge against inflation.

A similar firming trend was noticed in silver on the back of a rising trend in global markets. The white metal in overseas markets advanced 2.3 per cent to 12.65 dollar an ounce, the highest since October one, ahead of the US economy growth report.

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Silver ready rose further by Rs 150 at Rs 19,550 per kg and weekly-based delivery by Rs 300 at Rs 19,900 per kg. Silver coins remained unchanged at Rs 27,800 for buying and Rs 27,900 for selling of 100 pieces.

Standard gold and ornaments shot up by Rs 230 each at Rs 14,400 and Rs 14,250 per ten gram respectively. Sovereign held unchanged at Rs 11,050 per piece of eight gram.