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Gold touches new high
NEW DELHI:Gold touched a record high of Rs. 16,800 per 10 gram in the bullion market here amidst reports of massive gold buying by the Reserve Bank from the International Monetary Fund.
Marketmen said the rising trend was boosted after reports that the precious metal in overseas markets reached an all-time high of $1,092.40 an ounce after the Reserve Bank of India bought 200 tonnes of gold from the International Monetary Fund, raising speculation more countries will follow suit.
The precious metal, which is on a rising spree for the last few days backed by seasonal demand and a firming global trend, added another Rs. 330 to Rs. 16,800 per 10 gram.
Marketmen said the domestic bullion market is more co-related to international trend than any positive factor at home. — PTI
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