Gold regains record levels of Rs20,600 on wedding demand

Gold prices surged by Rs170 to regain its record level of Rs20,600 per 10 gram in the national capital today, as stockists and jewellers increased their holdings for the wedding seasion, amid a firm global trend.Weak stock market cues made investors park their funds into bullion as an alternative investment and supported the precious metal's prices. However, silver and its coins held steady in restricted buying at existing higher levels.The yellow metal in overseas markets, which normally sets the price trend on the domestic front gained, as a weak dollar raised demand for the metal as a safe haven.The gold gained $12.30 to $1,366.40 an ounce in New York last evening.On domestic front, the gold of 99.9% purity surged by Rs170 to regain its peak levels of Rs20,600 per 10 grams, a level last seen on November 11, while the gold of 99.5% purity jumped up by Rs150 to Rs20,460 per 10 grams.Sovereigns followed suit and gained Rs50 to Rs16,450 per piece of eight grams.On the other hand, silver ready and weekly-based delivery remained steady at Rs42,400 and Rs41,930 per kg in restricted buying at prevailing higher levels.Silver coins also traded around previous levels of Rs45,900 for buying and Rs46,000 for selling of 100 pieces.