Gold rallies to all-time high of Rs 10,715

Written by Agencies | Mumbai, December 29: | Updated: Dec 29 2007, 22:21pm hrs
Gold prices rallied to an all-time high of Rs 10,715 on the bullion market on fresh stockists buying on the back of sharp rise in international markets.

Silver also shot up on sustained industrial demand.

Buying activity gathered momentum following reports of the gold surging in the international markets.

Housing data that weakened the dollar supported gold futures in New York on Friday as oil prices rose and participants entered into fresh long positions, market watchers said.

February gold settled at $842.70 an ounce, up $10.90, on the Comex division of the New York Mercantile Exchange.

Turning to the local market, standard gold (99.5 purity) rose further by Rs 105 per ten grams to an all-time closing high of Rs 10,715 from the yesterday's level of Rs 10,610.

Previously, it closed at a record high of Rs 10,695 on November 26, 2007.

The pure gold (99.9 purity) also shot up to Rs 10,765 from Rs 10,660 previously.

Silver ready (.999 fineness) rose by Rs 90 per kilo to Rs 19,455 against Rs 19,365 previously.