Gold surges to record high after biggest single-day gain
20 Aug 2011
Amid heavy buying of gold triggered by brisk demand in overseas markets, the precious metal climbed to an all-time high of Rs28,150 per 10 grams in the national capital on Friday, posting its biggest-ever single day gain of Rs1,310.
The trading sentiment at home was bolstered as gold rose to a record level in foreign markets, as mounting concerns over sovereign debt and slower growth spurred investors to seek the perceived safety of bullion.
Market analysts said trading remained bullish after gold advanced for the fourth day in overseas markets to $1,795.85 an ounce, as investors sought to protect their wealth against the possibility of a global slowdown amid deepening debt crisis in the US and Europe.
Gold rose to an all-time high of $1,867.95 an ounce in London in the wake of worse-than-expected US economic data, coupled with growing concerns over Europe's debt crisis.
Retail buying for the upcoming marriage season further boosted the market sentiment.
Silver also jumped on rising demand from industries such as electroplating and other consuming units.
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