Mumbai, Nov. 18 (PTI): Gold rallied further on the bullion market here today and ended at a new high of Rs 7,265 per 10 grams on increased buying by stockists and jewellers to meet the cater to the wedding season. Firm global advises also pushed the prices up sharply.

Silver closed better in line with the yellow metal along with higher New York advises.

Standard gold (99.5 purity) started the day on a firm note at Rs 7,235 and continued to rise smartly on persistent buying, before ending at a new record high of Rs 7,265, showing a steep rally of Rs 90 over yesterday’s close of Rs 7,175.

Pure gold (99.9 purity) also opened strong at Rs 7,275 and rallied further on heavy support and closed above the Rs 7,300 level at Rs 7,305, showing a handsome gain of Rs 95 over the previous close of Rs 7,210.

In London gold for immediate delivery rose to $488.50, highest level in almost 18 years on heavy buying by central banks to strengthen their reserves as demand rises.

In Hong Kong, the metal shot up by $8.80 per ounce to end at $488.20-$488.70 per ounce from the previous close of $479.40-$479.90.

Ready silver (.999 fineness), after a lower start at Rs 12,205, attracted heavy industrial demand and recovered to end at Rs 12,235.