Gold prices in India extended gains for an eighth successive session to hit a record high, as the rupee remained under pressure due to domestic macro-economic issues while the eurozone debt crisis continued to push the yellow metal higher in the overseas markets.
Gold rose to a fresh record high of Rs 30,750 per 10 gm in New Delhi today. Gold prices surged by Rs 325, surpassing its previous record of Rs 30,570 on June 15.
Silver prices jumped up by Rs 800 to Rs 55,800 per kg on hectic demand by industrial units and coin makers.
Gold climbed in global markets on fears about the worsening eurozone debt crisis and speculation about fresh monetary easing by the Federal Reserve. Overseas gold rose for the eighth day in a row, its longest winning streak in almost a year.
A weak Indian rupee against the US dollar also made gold costlier in the domestic market. The rupee, which fell to a low of 56.1250 per dollar, closed slightly lower as compared to the previous close.
The most-active gold for August delivery on the Multi Commodity Exchange (MCX) hit a peak of Rs 30,428 in intraday trade. The contract has gained 2.5% in the previous seven sessions.
Silver also moved higher on MCX.
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