Gold revists all-time high; pure gold rallies to historic peak | business | Hindustan Times
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Gold revists all-time high; pure gold rallies to historic peak

business Updated: Oct 22, 2009 20:40 IST

Surpassing its previous highs, pure gold prices rallied to a historic peak on the bullion market in Mumbai on Thursday even as standard gold revisited its all time high figure on persistent buying by stockists and traders supported by firm global cues.

The white metal also recovered smartly on the back of fresh industrial demand.

The sharp surge in the prices of yellow metal mainly attributed to hectic stockists buying in view of a deppressed equity markets as gold seem to be an alternate investment bet, traders said.

Standard gold and pure gold earlier touched the historic high of 16,035 and 16,110 respectively on October 14th.

In New York, gold prices clawed back above $1,060 an ounce taking cues from a steadly falling dollar.

Spot gold was at $1,062.70 an ounce compared with $1,054.00 late Tuesday in New York.

Spot silver was at $17.75 an ounce as against $17.45.

In the local market, standard gold (99.5 purity) shot up by Rs 115 per ten grams to finish at Rs 16,035 from yesterday's closing level of Rs 15,920.

Pure gold (99.9 purity) also surged by a similar margin to close at Rs 16,115 from Rs 16,000 per ten grams.

Silver ready (.999 fineness) too strengthened by Rs 205 per kilo to Rs 27,645 from Rs 27,440 previously.