Business IdeasGold flares up to dizzy heights on strong global cues
Gold prices soared sharply and seemed to be heading towards the crucial psychological 18,000-mark at the bullion market here today driven by heavy speculative buying amid uninterrupted rally in the overseas markets.
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In early trade, standard gold touched its all-time high of Rs 17,940 per 10 grams while pure gold crossed over the psychological 18-K level to hit at Rs 18,020 per 10 grams.
"The weakness of dollar is the main force behind the current bull-run in gold other than speculative buying as dollar movement would determine the future trend in the yellow metal"s prices," according to traders.
Meanwhile, silver witnessed modest profit-taking from stockists.
Standard gold (99.5 purity) soared Rs 180 per 10 grams to end at Rs 17,890 from overnight closing level of Rs 17,710.
Pure gold (99.9 purity) also spurted by Rs 175 per 10 grams to close at Rs 17,975 as against Rs 17,800 yesterday.
However, silver ready (.999 fineness) declined by Rs 55 per kg to finish at Rs 29,265 from Rs 29,320 earlier.
In New York, gold futures made a record high near $1,188 an ounce yesterday as the dollar weakened against the euro. Gold for December delivery ended up $21.20 or 1.8 per cent to $1,187 an ounce at the Comex division of NYMEX.