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Gold price hits new high of Rs 5,960

Mumbai, Jan. 27: Gold, the investors’ hope in uncertain times, rose to an all-time high of Rs 5,960 due to increased buying which followed the metal touching a six-year high of over $ 370 per ounce in the international markets.

The steep rise in gold prices has been attributed to war-fears in Iraq. Gold prices hit a fresh six-year high of $ 370.25/$ 371 per ounce in early European trade. In Asia, the metal showed a similar trend, rallying today and surpassing the $ 370 per ounce mark for the first time since December 1996 as investors sought a safe refuge in the metal.

“Hawkish comment from Colin Powell and apprehension ahead of Hans Blix's presentation to the UN Security Council today will keep the gold pot boiling,” Standard Bank London said in a report.

A sharp fall in stock prices as well as weakening of the dollar against most of the major world currencies also aided the yellow metal. In Hong Kong, gold opened weak at $ 368 per ounce and ended at $ 372.00-373.00 an ounce against Friday’s close of $ 364.25-365.00.

In Mumbai, standard gold, after beginning slightly firm at Rs 5935, finished at Rs 5960, showing a gain of Rs 30 over the previous close of Rs 5930. Ten-tola gold bar (.999 purity) also resumed better at Rs 69,600 and closed at Rs 69,900, a sharp rise of Rs 400 over last Saturday's close of Rs 69,500.

Silver also rose smartly on good buying interest. Ready silver (.999 fineness) opened higher at Rs 8,245. However, it met with some resistance later and eased to end at Rs 8240, still a gain of Rs 25 over the previous close of Rs 8215.

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