Gold vaults to a new peak of Rs16,000 per 10 gm

05 Sep 2009

Gold prices soared again to touch a new high of Rs16,000 per 10 gm on the national capital today as jewellers continued to buy gold despite the onset of the inauspicious 'Shradhh.'

The rally was also aided by positive trends in the global market where the precious metal is reigning at a six-month high.

Standard gold surged Rs100 to Rs16,000 per 10 gm as stockists and jewellers built up stocks in view of the rising overseas prices.

Jewellers were unconcerned about `Shradhh' because of the pending orders and fears that prices may rise further.

The Mumbai market, where gold closed at Rs15,700 per 10 gm on Friday, remained closed today on account of market closure and the Ganpati festival.

On the international market, gold prices gained a whopping 1.4 per cent on Friday to touch a high of $997.45 an ounce, aided by uncertainty in the financial markets, increased investment fund buying and a short-covering.

A rise in the value of the Indian rupee vis-à-vis the US dollar for the second day in a row also aided the sentiment. On Friday, the rupee was trading at 48.65/48.45 with resistance at 49.05/49.15.