Gold hits new peak of Rs11,150 per 10 gram

Gold hits new peak of Rs11,150 per 10 gram
PTI
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First Published: Tue, Jan 08 2008. 04 32 PM IST
Updated: Tue, Jan 08 2008. 04 32 PM IST
New Delhi: Gold prices today pierced through the ceiling to reach its new peak of Rs11,150 per ten gram on the bullion market here due to aggressive buying by jewellers in line with a firming global trend.
Gold added Rs175 to Rs11,150 per ten gram on emergence of buying by jewellers and stockists, enlarging their positions to meet ensuing marriage season.
Marketmen said the buying was more of a speculative nature as some of the stockists enlarged their positions in future trading, while some purchases by jewellery fabricators also supported the trend.
A steep rise today surpassed the previous record of Rs11,025 set on 4 January when crude oil prices reached to record $100 a barrel and dollar fell against 13 currencies in the forex market, making the metal more attractive for investment purposes.
Standard gold and ornaments flared up by Rs175 each at Rs11,150 and Rs 11,000 per ten gram respectively. Sovereign also rose by Rs50 at Rs8,950 per piece of eight gram.
The market received cues from international front. Gold rose by $15.90 to $877.90 an ounce on the New York Mercantile Exchange, breaking its 28-year record levels.
A similar trend was noticed in white metal as silver ready found fresh buying support from industrial units and registered a smart rise of Rs190 at Rs19,560 per kilo. Weekly-based delivery rose by Rs150 at Rs19,900 per kilo.
Silver coins, however, remained around previous level at Rs25,300 for buying and Rs25,400 for selling of 100 coins.
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First Published: Tue, Jan 08 2008. 04 32 PM IST
More Topics: Bullion | Gold | Metal | Jewellery | Market |