Gold sets a new peak at Rs12,565
01 Mar 2008
Mumbai: Gold prices zoomed to a new high of Rs12,565 per 10 gm in the local bullion market on persistent buying from investors amidst firm overseas advises.
Gold's gains were aided by a continued weakening of the US dollar amid rising concerns of inflation.
Silver weekly delivery also rose to a record high of Rs25,300 per kg, as speculators enlarged their positions as the metal crossed $20 overseas.
Gold hitting an all-time high $978.50 an ounce and silver moved over $20 an ounce in overseas markets.
In the local market, standard gold and ornaments gained Rs50 each at Rs12,565 and Rs12,450 per 10 gm, respectively. Sovereign gained Rs25 at Rs9,950 per piece of eight gm.
Silver ready, however, fell Rs150 to Rs23,650 per kg. Silver coins remained unchanged at Rs26,700 (buy) and Rs26,800 (sell) per 100 pieces.
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