Gold scales new highs at Rs 8,225
Gold prices continued to scale new heights, as a fresh round of marriage season demand drove it to a record peak of Rs 8,225 per 10 grams.Updated: Feb 02, 2006 19:09 IST
After the overnight mild correction, gold prices on Thursday continued to scale new heights, as a fresh round of marriage season demand drove it to a record peak of Rs 8,225 per 10 grams amid stockists' enlarging positions on the back of firm global price trends.
Surging by Rs 65 per 10 grams from yesterday's close of Rs 8,160, gold remained the most sought after metal by investors betting to seek higher returns even as it stays as the vital commodity for the wedding season, dealers said.
Robust global price trends also aided the up trend, as stockists enlarged their positions in a bid to speculate on the yellow metal, they added.
Silver prices also joined the buying bandwagon, touching new highs in line with its overseas strength.
The white metal soared by Rs 95 per kilo to a life-time closing high of Rs 13,435 on hectic buying from industrial users and ornamental manufacturers.
In the international markets Hong Kong gold resumed higher at $569.40/569.90 per ounce as against $566.80/567.30 previously and in London, gold was fixed higher in the morning at $571.85 as compared to USD 568.25.
Standard gold (99.5 purity) rose by Rs 65 per 10 grams to Rs 8,225 from Rs 8,160 Wednesday.
Pure gold (99.9 purity) also firmed up by Rs 70 per 10 grams to Rs 8,270 from Rs 8,200.
First Published: Feb 02, 2006 19:09 IST