Gold prices on Thursday crossed the crucial Rs 17,000 per 10 gram level in the bullion market here, buttressed by frantic buying by jewellers for the ongoing marriage season amid a firming global trend.

Gold spurted by Rs 170 to Rs 17,150 per 10 gram and silver by Rs 220 to Rs 27,720 per kg here.

The yellow metal, which had been on an upward march ever since the Reserve Bank of India purchased 200 tons of gold from the International Monetary Fund early this month, got a boost from the firming trend in the global markets, marketmen said.

On January 1, gold was trading at Rs 13,650 per 10 gram. It covered a price range of Rs 3,350 in over 11 months with the last Rs 1,000 being covered in just 15 days, triggered by the RBI’s stance to buy gold from the International Monetary Fund.

Gold in New York Mercantile Exchange gained 0.8 per cent to 1,123.40 dollar an ounce.

Standard gold and ornaments surged further by Rs 170 each to set an all—time high level of Rs 17,150 and Rs 17,000 per 10 gram, respectively.

Sovereign followed suit and touched a fresh high of Rs 13,425 per piece of eight gram.

A similar firming trend was extended in silver as ready variety strengthened further by Rs 220 to Rs 27,720 per kg and weekly-based delivery by Rs 250 to Rs 27,300 per kg.

Silver coins also spurted by Rs 200 to set a fresh peak of Rs 33,700 for buying and Rs 33,800 for selling of 100 pieces.


Gold touches new peakNovember 7, 2009

RBI buys 200 tonnes of gold worth $6.7 b from IMF November 3, 2009

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