Gold and silver rally continue: Gold prices continued their upward march to touch new record highs as worries over the US government shutdown and debt concerns have prompted investors to seek the safety of bullion. Silver prices have also surged to fresh highs as companies are buying, both as a hedge and due to its industrial applications.

Surge in gold prices

The 24 karat gold (999 purity) touched Rs 122,629 per 10 gm on Thursday (October 9), according to the Indian Bullion and Jewellers Association (IBJA) website. On Multi Commodity Exchange (MCX), gold price for December futures closed at a high of Rs 120,493 per 10 grams on Thursday. On Friday, gold prices saw some correction and were trading at Rs 120,845 per 10 gram in morning trades.

“The sustained momentum in gold is supp

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