Gold climbs another peak at Rs 17,370
PRESS TRUST OF INDIA
New Delhi, Nov 18: Gold today conquered yet another peak at Rs 17,370 per 10 gram in the bullion market here as jewellers continued their buying spree for the ongoing marriage season amid a firming global trend.
"Besides firming global trend, where the precious metal surged to record high of $1,147.72 an ounce on weakening dollar, investment and seasonal domestic demand for the ongoing marriage season also lifted gold to hit yet another high," said an analyst Rakesh Anand.
Marketmen said trading sentiment remained in bullish mood ever since the Reserve Bank of India purchased 200 tonnes of gold from the International Monetary Fund, raising fears that more countries may follow suit.
They said gold and dollar move in opposite direction. A weakness in dollar makes the metal an alternate investment option.
Standard gold and ornaments added Rs 70 each to set an all-time high level of Rs 17,370 and Rs 17,220 per 10 gram, respectively. Sovereign followed suit and rose to a new high of Rs 13,500 by gaining Rs 25 per piece of eight gram.
Silver ready rose further by Rs 250 to Rs 28,600 per kg and weekly-based delivery by Rs 195 to Rs 28,095 per kg.
Lastupdate on : Wed, 18 Nov 2009 21:30:00 Makkah time
Lastupdate on : Wed, 18 Nov 2009 18:30:00 GMT
Lastupdate on : Thu, 19 Nov 2009 00:00:00 IST
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