Mumbai, September 23: Gold and silver prices soared to create a new record high at the bullion market on Thursday.
The sudden revival seems to be cited as investors and traders shifting funds from beleaguered equity markets to precious metals as a better avenue, traders said.
“Though gold was creating fresh new highs in overseas markets everyday, the local investors were chasing equities and ignoring the yellow metal. As of now it is a complete U- turn owing to stocks scary valuations,” they added.
Standard gold (99.5 purity) shot up by Rs 150 per ten grams to close at Rs 19,210 from Tuesday’s closing level of Rs 19,060.
Pure gold (99.9 purity) also rose by a similar margin of Rs 150 per ten grams to finish at Rs 19,300 as against Rs 19,150 previously.
—-Agencies