MUMBAI: Staging a smart recovery, gold prices sky-rocketed to hit yet another all-time high on the bullion market here today on frantic buying by stockists and traders on the back of strong rally in global markets. Silver also hit another record high due to fresh wave of buying amid increased industrial demand. The domestic bullion market witnessed volatility after the Dubai debt crisis, leading to a meaningful correction recently. But the market drew back stockists and an investment -led demand triggered a burst of buying spree, trader said. Ongoing marriage season was another factor behind the rally, they added. Standard gold (99.5 purity) surged by Rs 265 per ten grams to end at Rs 17,950 from overnight closing level of Rs 17,685. Pure gold (99.9 purity) rose by a similar margin to settle at Rs 18,040 per ten grams as against Rs 17,775 yesterday. Silver ready (.999 fineness) spurted by Rs 565 per kilo to finish at Rs 29,450 from Rs 28,885 previously. In Europe, gold hit record highs at USD 1,198.70 an ounce after dollar weakened further against major currencies. Spot gold was bid at USD 1,194.80 an ounce in early trade as against USD 1,179.10 late on Monday. Silver also gained by 19.3 cents to USD 18.495 an ounce in New York.

Source