In gold we trust: Yellow metal, silver log new highs

HYDERABAD: Gold and silver surged past their previous peaks to set new highs in the international and domestic markets on Monday. On MCX, Feb gold futures leapt over Rs 1,700 to an all-time high of Rs 1,36,646 per 10gm, mirroring spot prices on Comex that pierced $4,400/oz for the first time. MCX March silver futures sprinted to Rs 2,14,583 a kg after topping $69/oz in international markets. In the physical market, 24K gold was quoted at a new record of Rs 1,36,300 per 10gm, up Rs 1,970, while silver jumped Rs 5,000 to Rs 2,19,000 per kg in Delhi, sources said."Gold prices are skyrocketing as the US Fed keeps pumping liquidity," said Surendra Mehta, national secretary, Indian Bullion and Jewellers Association. "Central banks are still buying gold aggressively," Mehta said. Geopolitical tremors are adding fuel, said Avinash Gupta, vice-chairman of the All-India Gem & Jewellery Domestic Council.