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Gold retains peak level of Rs11,920

Gold retains peak level of Rs11,920
PTI
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First Published: Thu, Jan 31 2008. 05 13 PM IST
Updated: Thu, Jan 31 2008. 05 13 PM IST
New Delhi: After a day of bearish trend, gold retained its peak level of Rs11,920 on the bullion market here Thursday on positive cues from global markets.
Marktmen said a declining dollar, particularly after the second rate cut by the US Federal Reserve yesterday, boosted the demand for the precious metal. As it goes in the trading circles, gold and dollar move in opposite directions.
In Delhi bullion, where the rats move in tandem with the global trends, the prices rose by Rs20 to its all-time high level of Rs11,920 last seen on Tuesday. The metal in London rose to $923.10 from its previous level of $920.
Silver also attracted fresh buying activity and finished in positive territory. Silver weekly based delivery jumped up by Rs100 at Rs21,500 per kilo while silver ready ruled flat Rs20,800 per kilo in limited deals.
Silver coins too were traded higher by Rs100 at Rs25,700 and Rs25,800 per piece of 100 coins.
Standard gold and ornaments rose by Rs20 each at Rs11,920 and Rs11,770 per 10 grams respectively. Sovereign also set a record high of Rs9,400 per piece of eight gram, by gaining Rs100.
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First Published: Thu, Jan 31 2008. 05 13 PM IST