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Gold touches new peak

MUMBAI: Gold price continued its record journey as the metal scaled an all-time high of Rs. 16,900 (10 gram) on the bullion market here on Saturday, sparked by aggressive buying from stockists and traders following a sharp rally in the international markets, while silver declined due to lack of industrial demand.

In the domestic market, standard gold (99.5 purity) firmed up by Rs. 60 (10 gram) to close at Rs. 16,665 against Friday’s closing of Rs. 16,605. Pure gold (99.9 purity) also rose by Rs. 55 (10 gram) to Rs. 16,745 from Rs. 16,690.

However, silver ready (.999 fineness) fell by Rs. 40 a kg to finish at Rs. 27,705 against Rs. 27,745.

In overseas markets, gold spurted to a record high of $1,100 an ounce as U.S. job data showed unemployment topped 10.2 per cent in October lifted expectations that Federal Reserve will have to maintain its low interest regime. December delivery gained by $6.40 to $1,095.70 an ounce. Silver for December delivery fell by three cents to $17.38 an ounce. — PTI

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