UPDATE: Gold at new peak of Rs 15,200 on global cues

Gold prices touched a record high at Rs 15,200 per 10 gram in opening trade in the national capital today on frantic buying by stockists as the metal in global markets crossed seven-month high.

The precious metal spurted by Rs 360 to Rs 15,200 per 10 gram, a level never seen before, solely driven by a rally in overseas markets.

Buying activity sparked after the gold rallied over $960 an ounce to the highest level in the last seven months in Asia as investors bought the metal as an alternative to slumping stocks and to preserve their wealth as the global recession deepens.

Gold in the overseas markets, which set price trend in domestic markets here, shot up to $960.20 an ounce, the highest since July 22, as the benchmark MSCI Asia Pacific Index for stocks tumbled the most in three weeks on concerns that the deepening global recession will drive up funding costs and hurt trade.

The global rally is witnessed at a time when the market is facing heavy rush of buying by retailers for the current marriage season.

Gold futures also hit a record at Rs 15,050 per 10 gram in early deals today.