Gold Hits All-Time High Of Rs 11,080

Gold prices rallied by Rs 150 per ten grams to an all-time record high of Rs 11,080 on the bullion market in Mumbai on Jan 8 on fresh demand from stockists in view of marriage season coupled with higher global advices. Silver also firmed up in line with gold prices. Marketmen said the buying was more of a speculative nature as some of the stockists enlarged their positions in future trading, while some purchases by jewellery fabricators also supported the trend. In the global markets, Hong Kong gold ended higher at $873.10/873.80 per ounce against $858.50/859.20 per ounce on Jan 8 and in London, it was also fixed higher in the morning at $873.25 per ounce against $859.25 per ounce on Jan 7.Standard gold (99.5 purity) rose to an all-time high of Rs 11,080 from the previous day''s closing level of Rs 10,930 on Jan 7. It had closed earlier at Rs 11,035 on January 3, 2008. Pure gold (99.9 purity) also shot up by Rs 145 per ten grams to Rs 11,125 from Rs 10,980 on Jan 7. Silver ready (.999 fineness) moved up by Rs 70 per kilo to Rs 19,915 from Rs 19,845 previously.