Gold surges to Rs13,560; oil nears $112 as dollar slumps
17 Mar 2008
Mumbai: Gold prices reached a new peak of Rs13,560 in Mumbai on stockist buying sparked by strong global advices and a weak dollar. Gold surged to an all-time high of $1,033 an ounce in overseas markets.
Crude oil also rose to a record near $112 a barrel as the US dollar sank to all-time lows on growing concerns over US economic health.
Standard gold gained Rs360 at Rs13,560 per 10 gm. Sovereign also set an all-time high of Rs10,350 per piece of eight gram, gaining Rs200.
A spurt in crude prices, a weakening dollar, restricted inflow of foreign investors in emerging Asian stock markets added to the attraction of gold as an investment option.
Oil rose to a record near $112 a barrel as the US dollar sank to all time lows.
US crude for April hit a fresh high of $111.80 a barrel and was trading 20 cents up at $110.41 by 1210 GMT. May London Brent was 15 cents higher at $106.35.
Crude oil prices have risen by about 16 per cent so far this year.
Key commodities, including oil and gold, have hit record highs as investors shifted money to hedge a weakening US dollar.
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