Gold surges to new record

Written by Agencies | New Delhi, January 26: | Updated: Jan 26 2008, 21:54pm hrs
Gold prices zoomed to reach its peak of Rs 11,760 per ten gram during the past week ended January 25, in line with a firming trend in global markets.

As the precious metal in global markets surged to break all previous records and touched 923 dollar an ounce, it stimulated trading sentiment in domestic markets here.

In the domestic market, gold surpassed its previous record of Rs 11,710 per ten gram set on January 15.

However, commodity markets in a brief week of five days depicted a mixed trend as some of the edible oils firmed up on buying by vanaspati mills to meet the demand in current marriage season amid restricted arrivals.

The markets across the country remained closed on Saturday for Republic Day celebrations. As a result, volume of business declined compared to the previous week level.

After initial firmness, wheat prices were seen moving down in the later part of the week on sluggish demand from rolling flour mills, against adequate stocks position. Maida and sooji also traded lower in line with wheat prices.

Pulses market also displayed a divergent trend as prices of urad, kabli chana small and white peas moved up on fresh demand from caterers for the current marriage season. However, gram and its dals met with resistance following fresh arrivals from Rajasthan and Haryana.

On the other hand, dry fruit market remained weak on fresh arrival against restricted buying and settled with fresh losses.