Gold sets another peak at Rs 18,460

Gold prices today surged by Rs 490 to scale a new high of Rs 18,460 per ten gram in the bullion market amid the metal setting a new record in global markets and continuing weakness in dollar.

A rally was also seen in sovereign and silver coins that rose to dizzy heights on scattered buying support from retail customers for the ongoing heavy marriage season.

Trading sentiment boosted on reports of gold climbing in overseas markets to an all-time high of $1,216 an ounce as investors stepped up purchases to protect their wealth against a slumping dollar.

Silver crossing a crucial $19 an ounce level in Asian trading was another supporting factor.

Marketmen said the rise in precious metal on global front remained a major force behind the upsurge in the domestic markets here. Retail customers were postponing their decision to buy at such high prices which reduced the business volumes in jewllery trade.

Standard gold and ornaments spurted by Rs 490 each to Rs 18,460 and Rs 18,310 per ten gram, respectively. Sovereign also shot up by Rs 300 to a fresh peak of Rs 14,300 per piece of eight gram.

With the general firming trend, silver ready spurted by Rs 850 to Rs 29,850 per kg and weekly-based delivery by Rs 1,000 to Rs 29,550 per kg. Silver coins rose by Rs 200 to Rs 34,600 for buying and Rs 34,700 for selling of 100 pieces, a level never seen before.