Sunday 9 March 2008

Gold resumes at an all-time high of Rs 12,885

Gold prices resumed at an all-time high of Rs 12,885 in the bullion market here on March 7 on fresh stockists buying in view of rising trend in the global markets. Silver also crossed Rs 25,000-mark on good industrial demand. Some of the investors shifted their funds in bullion due to fall in equity market, traders said. Standard gold (99.5 purity) rose by Rs 300 per ten grams to Rs 12,885 from the Wednesday's closing level of Rs 12,585. Pure gold (99.9 purity) also rose to Rs 12,940 from Rs 12,635 previously.

Silver ready (.999 fineness) shot up by Rs 1,000 per kilo to Rs 25,100 from Rs 24,100. In New York, gold futures roared to record highs and silver to a 27-year peak on Wednesday as crude skyrocketed following a decline in the US oil inventories, leaving the metals market focused on the possibility of hitting the long-talked-about level of $1,000 in gold.

Most-active April gold hit a life-of-contract high of $995.20 an ounce on the Comex division of the New York Mercantile Exchange, while May silver hit a contract high of $20.97 an ounce.