Gold climbs to new record highs

Gold climbed to yet another record high at the bullion market in Mumbai on Friday on hectic buying by stockists and investment demand fuelled by rising global trend.

Silver also advanced smartly on heavy speculative trading amidst good industrial off-take. The bullion market was closed on Thursday following the Mumbai serial blasts.

Read: Safe-haven status adds glitter to gold

Standard gold (99.5 purity) rose by Rs 140 per 10 grams to end at Rs 22,890 from Wednesday's closing level of Rs 22,750. Pure gold (99.9 purity) also gained by Rs 155 per 10 grams to close at Rs 23,010 as compared to Rs 22,855 previously.

Silver ready (.999 fineness) zoomed by Rs 1,890 per kg to finish at Rs 56,775 from Rs 54,885 last close. In New York, gold prices hit a record high after Moody's warning that US may lose the top credit rating, though momentum was capped on dollar strength following dwindling hopes of further economic stimulus.