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Gold at record high, longest upward journey

Gold prices continued to set record high levels on the bullion market, trading at Rs 8,290 per 10 gram.

india Updated: Feb 03, 2006 17:21 IST

Gold prices continued to set record high levels on the bullion market, trading at Rs 8,290 per 10 gram on Friday, a longest upward march for 10 days, supported by a firm international trend.

The buying was more aggressive as prices of gold continued to rise since last 10 days, gaining Rs 250 and sparking demand among stockists and retail customers.

The market's one way journey was concern of the general buyer, fearing the prices might go further high.

The surge in precious metal was further supported by fresh demand for the ongoing heavy marriage season.

The yellow metal rose in Asian trading as the dollar declined, increasing the appeal of the bullion as an alternative investment.

Gold in Asia reached a 25-year high of $575.35 dollar on Thursday, and some investors may be looking to push prices back there again today, said a bullion merchant in Australia. A weaker dollar makes the bullion more attractive to investors compared with the US assets such as stocks and bonds.

In Delhi, standard gold and ornaments shot up further by Rs 30 each at Rs 8,290 and Rs 8,140 per 10 gram respectively. Sovereign was also at new high record of Rs 6,350 per piece of eight gram, gaining further by Rs 25.

Silver also remained in demand among stockists and industrial units. Silver ready rose by Rs 70 at Rs 13,820 per kilo and weekly-based delivery by Rs 40 at Rs 13,915 per kilo. Silver coins were unaltered at Rs 17,500 for buying and Rs 17,600 for selling of 100 pieces.

First Published: Feb 03, 2006 17:21 IST