Gold remains on record setting spree, touches Rs12,850

Gold remains on record setting spree, touches Rs12,850
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First Published: Tue, Mar 04 2008. 05 02 PM IST
Updated: Tue, Mar 04 2008. 05 02 PM IST
PTI
New Delhi: Gold scaled to a new peak at Rs12,850 per 10 gram on 4 March 2008 on sustained buying by stockists sparked by a firm global trend amid surge in domestic demand due to the ongoing marriage season.
Trading activity gathered momentum following reports of the precious metal’s surge to an all-time high of 991 dollars per ounce last night.
Marketmen said fall in the US dollar coupled with the rising crude oil prices, mainly raised the inflation concerns and boosted demand for gold as a safe haven.
They said investors wary of melting stock markets shifted part of their funds in the bullion considering it safe for investment. The Bombay Stock Exchange benchmark Sensex tumbled over 1500 points in last four trading sessions.
Buying by retail customers and jewellers for the ongoing heavy marriage season was additional factor for the gold to climb new peaks.
Standard gold and ornaments advanced by Rs50 each to touch a record high of Rs12,850 and Rs12,700 per 10 grams respectively. Sovereign, however, remained flat at Rs9,975 per piece of eight gram in limited deals.
On the other hand, silver ready lacked necessary buying support from stockists and industrial units and lost Rs200 to Rs24,300 per kg and weekly-based delivery by Rs60 to Rs25,640 per kg.
Silver coins were down by Rs100 at Rs26,700 for buying and Rs26,800 for selling of 100 coins on fresh arrivals.
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First Published: Tue, Mar 04 2008. 05 02 PM IST