Gold sparkles to Rs 24-K level, silver jumps

MUMBAI: Gold prices continued its surge to reach another milestone of Rs 24,000 per 10 grams at the domestic bullion market on Thursday on strong stockists and investment buying triggered by climbing international prices.

Silver also galloped on heavy speculative offtake on the back of rising industrial demand.

"The yellow metal is witnessing a runaway rally for the past three days here, due to overseas bullishness for the metal as a risk aversion asset, impacted by worsening global economic situations," traders said.

Standard gold (99.5 purity) hardened by Rs 70 per 10 grams to close at Rs 24,025 from Wednesday's close of Rs 23,955.

Pure gold (99.9 purity) also rose by a similar margin of Rs 70 per 10 grams to finish at Rs 24,145 from Rs 24,075 yesterday.

Silver ready (.999 fineness) zoomed by a hefty Rs 1,025 per kg to conclude at Rs 61,640 from overnight close of Rs 60,615.

In New York, the fear of recession and falling stock markets across the globe have pushed gold to record highs.

Gold for December delivery gained USD 21.80 to USD 1,666.30 an ounce on the Comex division of the NYMEX yesterday.

September silver added by USD 1.67 to USD 41.76 an ounce.