Gold prices at record high of Rs19,405/10gm
01 Sep 2010
New Delhi: Gold stockists indulged in some hectic buying in the bullion market in a bid to anticipate festival season demand and in the process ensured that price soared to an all-time high of Rs19,405 per ten grams. The trend in the domestic markets mirrored gains in the global markets.
In the global markets, gold touched a two-month high following a fall in the dollar. Investors have added to their holdings in the bullion through exchange traded products (ETPs) for three consecutive weeks.
In New York trades the most widely held option on gold futures is for $1,500 an ounce by December, which is 18 per cent higher than the record $1,266.50 reached on 21 June this year.
At home gold prices shot up by Rs215 to trade at a record high of Rs19,405 per ten grams, which easily went past the previous record level of Rs19,220 set on 8 June. Silver was not to be left behind and gained Rs525 to trade at Rs30,950 per kg with increased demand from industrial units and jewellery fabricators.
Sovereigns also rose by Rs100 to an all- time high of Rs15,000 per piece of eight grams. Silver coins also gained Rs200, to Rs34,900, for buying and Rs35,000 for selling of 100 pieces.
Meanwhile, a Bloomberg survey of analysts predicts a 10th annual advance. It said that holdings through bullion-backed exchange-traded products were already at more than 2,075 metric tons. This stock is within 0.1 per cent of the all-time high.
