Continuing its record setting spree Gold on Tuesday rose by Rs 90 to touch a new peak at Rs 11,710 per 10 gram on the Delhi bullion market due to hectic buying by stockists amid reports of a steep rise in overseas markets. Trading sentiment turned bullish following reports that the precious metal in the New York Merchantile Exchange surged to an all-time high level of $915 an ounce.
Marketmen said the gold rose for the sixth day in Asia as the weakening dollar heightened the attraction of precious metals as an alternative investment. The fears of recession in the US markets boosted demand for gold against inflation, which in-turn influenced trading in Indian markets. Standard gold shot up by Rs 90 at Rs 11,710 per 10 gram, a level never seen before. Similarly, gold ornaments surged to all-time high level of Rs 11,560 per 10 gram.
Sovereign also joined the rally and touched a record high of Rs 9,150 per piece of eight gram. However, silver met with resistance at higher levels and fell back by Rs 50 to Rs 20,650 per kg, while silver weekly-based delivery rose by Rs 20 to Rs 21,220 per kg on speculative support. Silver coins remained unchanged at Rs 25,500 for buying and Rs 25,600 for selling of 100 pieces.
Marketmen said the gold rose for the sixth day in Asia as the weakening dollar heightened the attraction of precious metals as an alternative investment. The fears of recession in the US markets boosted demand for gold against inflation, which in-turn influenced trading in Indian markets. Standard gold shot up by Rs 90 at Rs 11,710 per 10 gram, a level never seen before. Similarly, gold ornaments surged to all-time high level of Rs 11,560 per 10 gram.
Sovereign also joined the rally and touched a record high of Rs 9,150 per piece of eight gram. However, silver met with resistance at higher levels and fell back by Rs 50 to Rs 20,650 per kg, while silver weekly-based delivery rose by Rs 20 to Rs 21,220 per kg on speculative support. Silver coins remained unchanged at Rs 25,500 for buying and Rs 25,600 for selling of 100 pieces.
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