Gold prices rallied to an all-time high in today’s trade on fresh buying in the yellow metal. However, silver declined on lack of industrial demand at higher levels.
The sudden spurt in the yellow-metal was attributed to surge in demand from retailers and jewellers in view of ongoing marriage season, traders said.
Gold rose towards last month's record in Asian market today as the dollar slipped ahead of a US interest rate decision, and that the International Monetary Fund (IMF) had completed half of a planned gold sale.
The IMF said yesterday that it sold 200 metric tonnes of gold to the Reserve Bank of India for $6.8 billion.
Spot gold was quoted at $1,063.25 an ounce in the early trade, up $4.10 from New York national close.
In the domestic market, standard gold (99.5 purity) strengthened by Rs 150 per ten grams to open at a new peak of Rs 16,235 from yesterday's closing level of Rs 16,085.
Pure gold (99.9 purity) also hardened to resume at a historic high of Rs 16,325 as against Rs 16,165 previously.
However, silver ready (.999 fineness) eased to Rs 26,790 from Rs 26,820 previously.