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| Gold climbs another peak at Rs 17,370 |
| Press Trust of India / New Delhi Nov 18, 2009, 17:22 IST |
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Gold today conquered yet another peak at Rs 17,370 per 10 gram in the bullion market here as jewellers continued their buying spree for the ongoing marriage season amid a firming global trend.
Silver coins also set record high levels by adding Rs 100 to Rs 34,000 for buying and Rs 34,100 for selling of 100 pieces. Silver rose further by Rs 250 to Rs 28,600 per kg.
"Besides firming global trend, where the precious metal surged to record high of $1,147.72 an ounce on weakening dollar, investment and seasonal domestic demand for the ongoing marriage season also lifted gold to hit yet another high," said an analyst Rakesh Anand.
Marketmen said trading sentiment remained in bullish mood ever since the Reserve Bank of India purchased 200 tonnes of gold from the International Monetary Fund, raising fears that more countries may follow suit.
They said gold and dollar move in opposite direction. A weakness in dollar makes the metal an alternate investment option.
Standard gold and ornaments added Rs 70 each to set an all-time high level of Rs 17,370 and Rs 17,220 per 10 gram, respectively. Sovereign followed suit and rose to a new high of Rs 13,500 by gaining Rs 25 per piece of eight gram.
Silver ready rose further by Rs 250 to Rs 28,600 per kg and weekly-based delivery by Rs 195 to Rs 28,095 per kg.
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