Gold hits new peak; Rupee appreciates

NEW DELHI: Gold prices hit a new record of Rs 11,760 per 10 gram in the bullion market here in tune with the global rates which surged to all-time high of 921.30 dollar an ounce.

Standard gold and ornaments met with hectic demand and notched up a handsome gain of Rs 210 to set a new peak of Rs 11,760 and Rs 11,610 per 10 grams respectively.

Sovereign also finished at all-time high of Rs 9,250 per piece of eight gram, a rise of Rs 100.

In a similar fashion, silver ready spurted by Rs 350 to Rs 20,700 per kilo and weekly-based delivery by Rs 340 at Rs 21,160 per kilo. Silver coins quoted higher by Rs 100 at Rs 25,500 for buying and Rs 25,600 for selling of 100 coins.

Marketmen said stockists and jewellery fabricators rushed in to buy on reports of prices surging to all time high levels of 921.30 dollar an ounce in global markets owing to two an halt in two South African production centres on account of power cut.

Current marriage season demand also added to the market sentiments, they said.

Meanwhile, the equity markets firmed up on expectations of another rate cut by Federal Reserve next week. US dollar is also softening, making gold an attractive alternate investment option.

On domestic front, the benchmark Sensex posted the biggest ever gain of 1,140 points at 18,361.66 points.

Rupee appreciates for second straight day

The rupee appreciated for a second day in a row on Friday to end at 39.3650/3700, up by nine paise over its previous close, against a US dollar on the back of surging equity markets amid country-wide strike by employees of nationalised banks.

The unit extended its gains on day when the dealers' attendance was poor and the Interbank Foreign Exchange market was paralysed due to a one day strike by bank employees.

he rupee appreciated for a second day in a row on Friday to end at 39.3650/3700, up by nine paise over its previous close, against a US dollar on the back of surging equity markets amid country-wide strike by employees of nationalised banks.