Gold rallies to record Rs13,850 per 10 gm as stocks wilt

Gold prices rallied to close at an all-time high of Rs13,850 per 10 gm in the Delhi market, spurred by a deepening global financial crisis and a plunge in stock prices across markets.

Gold prices had closed at high of Rs13,650 per 10 gm on 15 July.

Gold futures on the Commodity Exchange of India Ltd (MCX) also closed higher as a weaker rupee raised import prices amidst investment-led buying.

Gold for December delivery was seen facing resistance at Rs13,678 per 10 gm and support at Rs13,270. December silver traded at Rs19,390 per 10 gm.

Spot prices of standard gold jumped by Rs450 to Rs13,850 per 10 gm as investors flocked to precious metals to hedge risks, marketmen said.

They said gold was gaining as investors, both big and small, shifted from stocks and forex markets to safehaven commodities.