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Gold touches record Rs 6,010
BS Commodities Bureau in Mumbai |
November 29, 2003 08:52 IST
Standard gold prices hit an all-time high of Rs 6,010 per 10 gm in intra-day trades in the domestic market, but closed at Rs 5,995, fuelled by higher international prices and increased domestic demand.
Pure gold (99.9 purity) opened the day at a high of Rs 6,010 and went on to close at Rs 6,035 per 10 gm. "The ongoing marriage season pushed up the demand for gold in the domestic market, fuelling the price rise," a bullion analyst at BullionIndia Inforservices and Consultancy said on Friday.
Meanwhile, gold looks close to breaching the $400 per ounce figure on continued dollar weakness in the currency market. "The dollar weakness is pushing investors to move towards hard assets," the analyst said.
The euro scaled an all-time high against the dollar at 1.20.
Spot gold was quoted at $398.25/399.00 an ounce, compared with $395.50/396.20 at close on the London exchange on Thursday.
On Thursday, gold rose $3.40 per ounce in Hong Kong to close at $396.60. On Wednesday, the metal shot up $400 per ounce in New York and was quoted at $402 per ounce.