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Gold resumes at an all-time high of Rs12,885

Gold resumes at an all-time high of Rs12,885
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First Published: Fri, Mar 07 2008. 03 25 PM IST
Updated: Fri, Mar 07 2008. 03 25 PM IST
PTI
Mumbai: Gold prices resumed at an all-time high of Rs12,885 in the bullion market here on 7 March, on fresh stockists buying in view of rising trend in the global markets.
Silver also crossed the Rs25,000-mark on good industrial demand.
Some investors moved to bullion due to the fall in equities market, traders said.
Standard gold (99.5 purity) rose by Rs300 per ten grams to Rs12,885 from the last closing level of Rs12,585.
Pure gold (99.9 purity) rose to Rs12,940 from Rs12,635 previously.
Silver ready (.999 fineness) shot up by Rs1,000 a kilo to Rs25,100 from Rs24,100.
In New York, gold futures soared to record highs and silver to a 27-year peak on Wednesday as crude skyrocketed following a fall in the US oil reserves, leaving the metals market focused on the possibility of hitting the long-talked-about level of $1,000 in gold.
April gold hit a life-of-contract high of $995.20 an ounce on the New York Mercantile Exchange, while May silver hit a contract high of $20.97 an ounce.
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First Published: Fri, Mar 07 2008. 03 25 PM IST
More Topics: Bullion | Gold | Silver | Equities | Money Matters |