Gold surges to new peak at open

Gold prices zoomed to open at new high levels on the bullion markets across the world as a rally in oil and farm commodities boosted demand for precious metals as a hedge against inflation.

Buying activity further fuelled following reports that the gold in futures trading rose to all-time high of 949.20 and silver rising to 27-year high.

The precious metal in Mumbai opened at new peak of Rs 12,195 by adding Rs 190, in Delhi at Rs 12,215 by rising Rs 175, in Chennai at Rs 12,130 by adding Rs 200, while in Kolkata, it opened at last closing level of Rs 12,225 per 10 gram respectively.

The major support to the trading sentiment came in from reports the bullion in the US markets touched a record 949.20 and silver at 17.94 dollar an ounce, its highest since 1980.

The gold in global markets touched a record 13 times this year and jumped to 949.20 dollar yesterday as crude oil rose to 101.32 dollar a barrel, the highest since trading began in 1983 on the New York Mercantile Exchange.