Gold prices shoot up to all-time high

Written by Agencies | Mumbai, January 29: | Updated: Jan 29 2008, 20:41pm hrs
Gold prices on Tuesday shot up to an all-time high of Rs 11,825 on the bullion market on fresh buying by stockists triggered by a sharp rise in New York amid anticipation of another interest rate cut by the US Federal Reserve.

Gold futures touched fresh highs on Monday in New York on support from weak dollar, stronger crude and equities, supply disruptions and options-related buying, a dealer said.

Nearby January gold rose USD 16.60 to settle at USD 927.10, an all-time front-month high on the Comex division of the New York Mercantile Exchange. Most-active April gold jumped USD 16.60 to USD 932.80 after reaching a new high of USD 935.40.

Silver also hit new peak. Comex March silver settled at USD 16.75 an ounce, up 26 cents, after hitting a contract high of USD 16.795.

In the local market, standard gold (99.5 purity) resumed higher by Rs 115 per 10 grams at Rs 11,825 from the Mondays close of Rs 11,710. Pure gold (99.9 purity) also firmed up to Rs 11,880 from Rs 11,760.

Silver ready (.999 fineness) also opened strong above 21,000-mark after more than 20 months to Rs 21,060 per kilo from Rs 20,880 previously.