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Gold scales unseen level at Rs 15,650

business Updated: Feb 19, 2009 03:10 IST

PTI
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Gold surged to set a new peak at Rs 15,650 per 10 gram in opening trade in the national capital on Wednesday on brisk buying triggered by a firming global trend.

The precious metal, which is on a record setting spree for the last few sessions, shot up by Rs 230 to Rs 15,650 per 10 gram in tandem with the continuous rise of gold in Asian region since July as deepening global recession drove investors to purchase bullion as a store of value.

Low interest rate environment and melting stock markets also prompted investors to buy the metal as an alternative investment.

Gold priced in euros and pounds rose to all-time highs today, while bullion in Australian and New Zealand dollars and in South African rand reached to record levels on Tuesday.

Gold futures in India and Dubai touched record levels in early trade today, sending ripples in the spot markets.

Bullion for April delivery on the Dubai Gold and Commodities Exchange surged to 974.70 dollars per ounce, the highest since the Exchange began trading in 2006.

April-delivery gold on the Multi Commodity Exchange of India rose to Rs 15,608 per 10 grams, a level never seen before.