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Gold touches record Rs 6140
December 13, 2003 16:14 IST
Surpassing earlier records, pure gold (99.9) purity strode to historic-highs of Rs 6,140 per ten grams at the bullion market on Saturday, driven-up by sustained heavy demand from stockists in the busy marriage season and reflecting higher price trends in global centres.
The distinct weakness of the dollar against most of its major rivals, mainly the euro, induced operators to take long positions in the yellow metal, as a 'safe haven' hedge, also aided the rise in gold prices, a dealer said in Mumbai.
A fair amount of speculative play and investor interest may have contributed to the positive gains, he added.
Gold prices had earlier touched peaks of Rs 6,125 per ten grams on December 9 and 10.
Pure gold (99.9) purity advanced further by Rs 20 per ten grams to finish at 6,140 from the overnight closing levels of Rs 6,120.
Standard gold (99.5 purity) also firmed up by Rs 20 per ten grams to Rs 6,100 from Rs 6,080 on Friday.
In overseas markets, Hong Kong gold closed higher at $407.20/407.70 per ounce on Friday as against $405.00/405.50, and in London, gold was fixed higher in the afternoon at $407.10 per ounce as against $404.10.
Gold futures on the comex division of the New York Merantile Exchange also settled higher at $410.10 per ounce on Friday to record the highest settlement in the contract's history and the highest weekly close on a continuation chart since February 1996.