MUMBAI: Standard gold crossed 18K-mark, while silver pierced through 30K-level for the first time in the history on the bullion market here today on persistent stockist buying triggered by a sharp rise in global market. Good industrial demand also helped silver to surge. Gold logged record highs at USD 1,216.75 an ounce in Europe as investors bet on higher prices, with funds were seen increasing their positions due to expectations of dollar getting weak and more Central Bank buying. Spot gold was bid at USD 1,213.20 an ounce in early trade as against USD 1,196 late in New York yesterday. US gold futures hit a record at USD 1,218.40 an ounce. Gold for December delivery on the Comex Division of New York Mercantile Exchange was later up by USD 14.40 at USD 1,214.60. Investment interest in gold remains firm, with the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, saying its holdings rose 0.61 tonnes or 0.05 per cent. In the domestic market, standard gold (99.5 purity) shot up by Rs 270 per ten grams to end at Rs 18,220 from its overnight close of Rs 17,950. It initially registered an all- time peak of Rs 18,225. Pure gold (99.9 purity) spurted by a similar margin to end at Rs 18,310 per ten grams from last close of Rs 18,040. Silver ready (.999 fineness) rose by a whopping Rs 690 per kilo to Rs 30,140 as against Rs 29,450 yesterday. It hit a historic-high of Rs 30,270 in early trade.

Source