Wednesday, January 30, 2008

Gold Scales New Peak Of Rs 11,920 In Delhi

Gold prices zoomed to a record high of Rs 11,920 per 10 gram in the bullion market in New Delhi on Tuesday on heavy buying influenced by strong global trend amid volatile stock markets. This is for the fifth day in a row that the prices of precious metal in the bullion in New Delhi are soaring. Traders said as the equity markets turned volatile, some of the investors shifted their funds toward bullion, considered a safe haven at the time of crises.

However, strong global trends remained the major driving force behind the current rally. Market watchers said stockists and jewellery fabricators rushed to buy the metal even at its current high levels as they feared prices might go up further and make their purchases in the marriage season tougher.

Standard gold and ornaments surged by Rs 80 each at Rs 11,920 and Rs 11,770 per 10 gram respectively. Sovereign was also higher by Rs.25 at at Rs.9300 per piece of eight gram, a level never seen before. Silver ready spurted by Rs 200 at Rs 20,800 per kilo and weekly-based delivery by Rs 210 at Rs 21,440 per kilo. Silver coins also rose by Rs 200 at Rs 25,700 for buying and Rs 25,800 for selling of 100 pieces.

In other Asian markets, gold and platinum traded at near records on speculation that Federal Reserve might cut its benchmark lending rate. Production getting hampered in South African mines also boosted gold sentiments. Silver was close to a 27-year high. The precious metal in global markets surge to record high of 929.84 an ounce stimulated trading sentiment in the region and helped the prices to go up in domestic markets.

No comments: