Emerging as an alternate investment option gold prices on Thursday posted a record single session rise of Rs 1,205 to close at Rs 13,120 per 10 gram on the bullion market here on the back of firming global trend.
Marketmen said the precious metal sparkled as an secondary investment option in global as well as in domestic markets amid a plunge in stock markets following deepening of credit crisis in the US.
"Investors in domestic as well as overseas markets are now pumping more funds in more secure investments such as gold in view of deepening global financial crisis and melting equity markets", said Karvy Comrade's G Harish.
"In short-term, gold in domestic market might touch Rs 13,500 to Rs 13,600 per 10 gram and $900 an ounce in the overseas markets," he added.
Standard gold and ornaments which started on a promising note with a Rs 1,000 each higher at Rs 12,915 and Rs 12,765 per 10 gram, continued to rise and settled Rs 1,205 each higher at Rs 13,120 and Rs 12,970 per 10 gram respectively.
Sovereign also in line with gold, surged by Rs 675 to Rs 10,500 per piece of eight gram.
In Asian trading gold prices closed sharply higher at $875.00-876.00 an ounce in tandem with Wednesday night biggest one day rise of 8.4 per cent in global market.
Following the trend, silver ready spurted by Rs 1,650 to Rs 19,800 per kg and weekly-based delivery by Rs 1,840 to Rs 19,700 per kg while silver coins gained Rs 200 to Rs 28,000 for buying and Rs 28,100 for selling of 100 pieces.
Silver futures for December contract rose 77.8 cents, or 7.4 per cent to $11.295 an ounce.
© 2026