Gold climbs to new peak of Rs 11,395

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Mumbai, January 12:: Gold prices climbed to a new peak of Rs 11,395 on the bullion market on persistent stockists buying in view of marriage season triggered by rising trend in the global markets.

Gold futures breached the psychologically important $900-per-ounce benchmark on Friday in New York as participants sought a hedge against inflation and safe haven from falling equities, analysts said.

After setting a new contract high of $900.10 an ounce, most-active February gold rose by $4.10 to $897.70 on the Comex division of the New York Mercantile Exchange. Nearby January gold set a fresh all-time record of $899.70.

Comex March silver rose by 9.5 cents to $16.37 an ounce.

Turning to the local market, standard gold (99.5 purity) firmed up by Rs 40 per ten grams to Rs 11,395 from Rs 11,355 yesterday.

Pure gold (99.9 purity) also moved up to Rs 11,445 from Rs 11,405 previously.