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Gold sets new record, just short of Rs12,000 mark

Gold sets new record, just short of Rs12,000 mark
PTI
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First Published: Mon, Jan 28 2008. 06 23 PM IST
Updated: Mon, Jan 28 2008. 06 23 PM IST
New Delhi: Gold in its fast march towards the Rs12,000 per 10 gram mark on Monday broke all its previous records in the bullion market here on Monday and touched Rs 11,840 amid uncertain equity markets and a strong global trend in the precious metal.
Traders said heavy demand from stockists and jewellery fabricators also boosted the gold sentiments.
The precious metal touched a record high level over $923 an ounce on rising concerns of inflation in the US as gold is considered as a hedge against inflation.
Analysts said investors’ shifting focus to gold at a time of falling stock markets added to the glitter of gold as an alternate investment option.
Meanwhile the benchmark Sensex on the Bombay Stock Exchange ended lower on Monday by nearly 209 points. Other Asian indices also down in the rage of 3.0-7.0%.
Standard gold and ornaments rose by Rs80 each to set at new peak of Rs11,840 and Rs11,690 per 10 gram respectively. Sovereign also rose to new high of Rs9,275 per piece of eight gram by adding Rs25.
However, Silver Ready fell by Rs100 at Rs20,600 per kilo while weekly-based delivery gained Rs70 at Rs21,230 per kilo on speculative support. Silver coins remained unchanged at Rs25,500 for buying and Rs5,600 for selling of 100 pieces.
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First Published: Mon, Jan 28 2008. 06 23 PM IST
More Topics: Bullion | Metal | Gold | Silver | Money Matters |