Gold became the record for the fourth consecutive day. Gold prices rose by Rs 25 to touch a new record high of Rs 38995 per 10 grams in the Delhi bullion market amid rupee depreciation. According to the All India Sarafa Association, gold has been touching new record highs since Tuesday. Meanwhile, the price of silver remained stable at Rs 45100 per kg.
Traders said that despite a weak trend overseas, continued buying support by local jewelry traders mainly led to rise in gold prices. In addition, the weakening of the rupee also supported the rise in gold. The rupee weakened by 22 paise in early trade against the dollar in the Interbank Foreign currency exchange market.
Spot gold in New York was low at $ 1,496.30 an ounce, while silver remained almost flat at $ 17.11 an ounce. In the national capital, gold of 99.9 percent purity rose by Rs 25 to Rs 38,995 and gold of 99.5 percent purity rose by Rs 5 to Rs 38,825 per 10 grams.
Sovereign closed at Rs 28,800 per piece of eight grams. Meanwhile, spot silver remained almost flat at Rs 45,100 per kg, while silver weekly delivery lost Rs 99 to Rs 43,666 per kg. Silver coins closed at Rs 91,000 for buying and Rs 92,000 for selling of 100 pieces.