Gold scales new peak of Rs 12,415

Written by Agencies | New Delhi, February 27: | Updated: Feb 27 2008, 18:48pm hrs
Gold prices zoomed past all previous records to set a new peak of Rs 12,415 per ten gram at open in New Delhi on Wednesday as stockists indulged in enlarging their positions on firm global cues.

Gold also opened at new highs in Mumbai and Chennai at Rs 12,290 per ten gram and Rs 12,245 per ten gram respectively.

Buying activity gathered momentum after reports of the metal setting a similar trend in Asian markets, where gold for future delivery rose to 959 dollars an ounce, while for immediate delivery, it gained 8.04 dollars to reach 956.18 dollar an ounce.

Silver followed suit and set a record peak of over 19 dollars an ounce.

Gold rose to a record in Asia as the US dollar fell to an all-time low against the euro on speculation that US Federal Reserve Chairman Ben Bernanke may indicate the central bank is prepared to keep lowering interest rates.

Besides, a steep rise in crude to new record level over 101 dollar a barrel and surging stocks markets boosted demand for precious metal as better option for investments, bullion merchants said.

The US currency touched 1.5047 per euro, its lowest since 1999. Bernanke is scheduled to deliver his semi-annual testimony to the House Financial Services Committee in Washington on Wednesday.