Gold prices today jumped by Rs 170 to close at an all-time record of over Rs 18,000-per 10 gram in the bullion market here on strong marriage season demand, positive global cues and a weaker dollar.
Resuming its upward trend for the second day in a row, which saw the metal touching Rs 18,000 yesterday, both standard gold and ornaments shot up Rs 170 each to close at Rs 18,170 and Rs 18,020, respectively.
Sovereign followed suit and rose by Rs 200 to set a fresh peak of Rs 14,000 per piece of eight gram.
Marketmen said the metal rose on hectic buying by stocksists and fabricators in view of the ongoing marriage season. Gold crossing $1,195 in London, after Sri Lanka’s central bank purchased bullion also added to gold's gain, they said.
Sri Lanka bought 10 metric tonnes from the International Monetary Fund following India, Russia and Mauritius in the rush for gold.
The metal, which typically moves inversely to the dollar, also received help after the US currency fell to a 14-year low against against the yen. Marketmen said the metal might see more peaks this weak and could be a better option for investors.