Gold prices touch record high of Rs 16,800

Marketmen said the rising trend was boosted after reports that the precious metal in overseas markets reached an all-time high of $1,092.40 an ounce after the Reserve Bank of India bought 200 metric tons of gold from the International Monetary Fund, raising speculation more countries will follow suit.

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The precious metal, which is on a rising spree for the last few days backed by seasonal demand and a firming global trend, added another Rs 330 to Rs 16,800 per 10 gram.

Trading sentiment also boosted after a London-based bullion group said the metal might climb to $1,181 an ounce by September next year.

The London Bullion Market Association survey conducted at the association's annual conference in Edinburgh said silver might also rise to $18.10 an ounce.

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Marketmen said the domestic bullion market is more co-related to international trend than any positive factor at home.

Besides, the demand was higher for the ongoing marriage season, they said.

Standard gold and ornaments surged further by Rs 330 each to set a new peak of Rs 16,800 and Rs 16,650 per 10 gram, respectively.

Sovereign followed suit and shot up to fresh high of Rs 13,200 per piece of eight gram.

Silver ready rallied by Rs 650 to Rs 27,200 per kg and weekly-based delivery by Rs 870 to Rs 27,070 per kg.

Silver coins also touched an all-high level of Rs 33,300 for buying and Rs 33,400 for selling of 100 pieces

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All about: Gold, Jewel, Markets

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