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Gold scales to a new peak on higher global cues

business Updated: Nov 07, 2009 17:02 IST

Gold prices continued its record journey as the metal scaled to an all-time high of Rs 16,900 per 10 gram at the bullion market here today, sparked by aggressive buying from stockists and traders following a sharp rally in the international markets.

While, silver declined due to lack of industrial demand.

In the domestic market, standard gold (99.5 purity) firmed up by Rs 60 ten grams to close at Rs 16,665 from Friday's closing level of Rs 16,605.

Pure gold (99.9 purity) also rose by Rs 55 per ten grams to end at Rs 16,745 per ten grams from Rs 16,690 yesterday.

However, silver ready (.999 fineness) fell by Rs 40 per kilo to finished at Rs 27,705 as against Rs 27,745 previously.

In overseas markets, gold spurted to a record high above USD 1,100 an ounce as US job data showed an employment topped an 10.2 per cent in October, lifted expectations that Federal Reserve will have to maintain its low interest regime.

December delivery gained by $6.40 to $1,095.70 an ounce.

Silver for December delivery fell by 3 cents to $17.38 an ounce.