Gold touches all-time high of Rs 11,825
The prices shoot up to an all-time high on the bullion market on fresh buying by stockists triggered by a sharp rise in New York amid anticipation of another interest rate cut by the US Federal Reserve.business Updated: Jan 29, 2008 15:36 IST
Gold prices on Tuesday shot up to an all-time high of Rs 11,825 on the bullion market on fresh buying by stockists triggered by a sharp rise in New York amid anticipation of another interest rate cut by the US Federal Reserve.
Gold futures touched fresh highs on Monday in New York on support from weak dollar, stronger crude and equities, supply disruptions and options-related buying, a dealer said.
Nearby January, gold rose $16.60 to settle at $927.10, an all-time front-month high on the Comex division of the New York Mercantile Exchange. Most-active April gold jumped $16.60 to $932.80 after reaching a new high of $935.40.
Silver also hit new peak. Comex March silver settled at USD 16.75 an ounce, up 26 cents, after hitting a contract high of $16.795.
In the local market, standard gold (99.5 purity) resumed higher by Rs 115 per 10 grams at Rs 11,825 from the yesterday's close of Rs 11,710. Pure gold (99.9 purity) also firmed up to Rs 11,880 from Rs 11,760.
Silver ready (.999 fineness) also opened strong above 21,000-mark after more than 20 months to Rs 21,060 per kilo from Rs 20,880 previously.