Gold hits new high at Rs 22,470, silver up by Rs 3,400

Gold set a new record at Rs 22,470 per 10 grams on Thursday on brisk buying by stockists and jewellers for the upcoming Akshaya Tritiya and marriage season, driven by a record rally in global markets.
Silver also surged Rs 3,400 to Rs 72,000 per kg.

The white metal had hit a record level of Rs 74,300 on April 25.

Traders said Akshaya Tritiya festival (May 6), which is considered auspicious for buying gold, bolstered trading sentiments for the yellow metal.

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The market also received support as the gold advanced to a record high in international markets, after the US Fed pledged to keep interest rates near zero to bolster the recovery, weakening the dollar and boosting demand for precious metals as a store of value.

Gold in the Asian region gained 0.4 per cent to reach a never-seen-before level of $1,533 an ounce.
Silver also strengthened by 0.6 per cent to $48.13 an ounce, approaching the record level of $49.79 set on April 25.

The Fed signalled on Wednesday that it would maintain monetary stimulus and kept its target rate for overnight lending between banks at zero to 0.25 per cent, while ending $600 billion of bond purchases on schedule in June.

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On the domestic front, gold of 99.9 and 99.5 per cent purity surged Rs 275 each to Rs 22,470 and Rs 22,350 per 10 grams, respectively.

Sovereigns followed suit and rose by Rs 100 to a new peak of Rs 18,300 per piece of eight grams.

Silver ready staged a strong come back and spurted by Rs 3,400 to Rs 72,000 per kg and weekly-based delivery jumped up by Rs 3,195 to Rs 70,695 per kg.

Silver coins, too, zoomed up by Rs 3,000 to Rs 77,500 for buying and Rs 78,500 for selling of 100 pieces.