Gold Achieves A New Height In The Year Beginning

Jan 08, New Delhi. Gold prices penetrated through the maximum to reach its new peak of Rs 11,150 per ten gram on the gold market due to aggressive buying by jewelers in line with a firming global trend.Gold price increased by Rs 175 per ten gram on emergence of buying by jewelers and stockiest, extending their positions to meet ensuring wedding season.Market expert said that the buying was more of a tentative nature as some of the stockiest enlarged their positions in future trading, while some purchases by jewelry fabricators also supported the trend.A sudden rise today exceeded the previous record of Rs 11,025 set on January 4 when crude oil prices reached to record 100 dollar a barrel and dollar fell against 13 currencies in the forex market, making the metal more attractive for investment purposes.

Standard gold and ornaments flashed up by Rs 175 each at Rs 11,150 and Rs 11,000 per ten gram respectively. Sovereign also rose by Rs 50 at Rs 8950 per piece of eight gram.

The market received signals from international front. Gold rose by 15.90 dollars to 877.90 dollars an ounce on the New York Mercantile Exchange, breaking its 28-year record levels.

A like gold, same trend was noticed in white metal as silver ready found fresh buying support from industrial units and registered a smart rise of Rs 190 at Rs 19,560 per kilo. Weekly-based delivery rose by Rs 150 at Rs 19,900 per kilo. However, silver coins remained around previous level at Rs 25,300 for buying and Rs 25,400 for selling of 100 coins.