New Delhi, Dec 4 : Gold prices are likely to move towards a new high of Rs 70,000, as per a report by ICICI Direct, while silver, remaining supported amid rising industrial demand, may edge higher towards Rs 85,000.

In early December, prices skyrocketed again on global tensions in the Middle East, and emerging market participants anticipated that the rate hike cycle has more or less ended.

While the gold price remained volatile this year, it reached a new high of Rs 61,845 per 10 grams on May 4 in the domestic market and USD 2,083 an ounce in the global markets. Later, the yellow metal touched a record high of Rs 61,914 per 10 grams on November 16, Commtrendz Research Director Gnanasekar Thiagarajan told PTI.