Bullion prices at record high

Extending the record breaking run to the second day in a row, gold and silver hit lifetime high levels in the local market here on Tuesday following strong global trends, according HDFC Securities. Gold prices rose by Rs140 to scale a new peak of Rs71,840 per 10 grams in the national capital. Gold had settled at a record Rs 71,700 per 10 grams on Monday. Silver prices jumped by Rs500 to a record high of Rs84,500 per kg. Silver breached the 84,000 level for the first time on Monday. "Spot gold prices (24 carats) in Delhi markets are trading at a new record high of Rs 71,840 per 10 grams, up Rs140, amid bullish cues in the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In international markets, spot gold at Comex was trading at $2,350 per ounce, up $14 from the previous close. Traders continue to propel the momentum which aided the gold prices to new highs on a daily basis. Further, the dollar index traded lower and US Treasury yields retreated which provided additional support for the safe haven asset, Gandhi said. Additionally, silver prices also traded higher at $28.04 per ounce. In the previous close, it had finished at $27.80 per ounce.

Gold futures rise on spot demand

Gold prices on Tuesday rose Rs421 to Rs71,333 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for June delivery traded higher Rs421 or 059% at Rs71,333 per 10 grams in a business turnover of 23,624 lots.