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New Delhi, March 31: Gold remained firm on the bullion market on Friday on aggressive buying triggered by rising trend in overseas markets, and closed at a record high of Rs 8,500 per 10 gram.
Market sentiment turned more bullish after gold prices in overseas markets, which normally set price band in domestic markets here, touched over 25-year higher level at $594 an ounce in future trade.
Quarter-end “window-dressing” by fund investors had kept gold prices buoyant for much of Friday, says thebulliondesk.com. Both the precious metals, gold and silver, rose to their highest since the early 1980 in New York as investment funds bet the metals will outperform US stocks and bonds.
Gold has gained 13% this year and silver has soared 31%. On the Comex division of the New York Exchange, gold touched $597 an ounce and silver to $11.71 an ounce.
Globally, investment demand for gold is expected to reach 45.2 million ounces this year. Demand reached 46.7 million ounces in 2005, the third highest ever. Investors bought a record 50.2 million ounces in 2003 and 46.8 million ounces in 1967.
Prices of precious metals have been surging here in tune with the market witnessing more liquidity following surge in stocks and real estate.
—PTI
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