praveen
04-01-2008, 08:15 AM
Gold prices made history as they soared to a record $ 865.35 an ounce in the London A.M fixing on Thursday, tracking which the domestic gold surged to Rs. 11,000 per 10 gm.
On Wednesday, gold was fixed at $ 840.75/oz in London while in the Indian market it quoted at Rs 10,700 per 10 gms, its last recorded high. (Last year, gold prices had hit $850/oz for the first time since 1980.)
Market participants attributed the surge in bullion prices to the high crude oil prices, geo-political tensions and weakness in the dollar.
While the banks’ landed cost of gold was Rs 11,070 per 10 gm, the market prices ruled between Rs 10,990 and Rs 11,000, said an official with Axis Bank.
On Wednesday, gold was fixed at $ 840.75/oz in London while in the Indian market it quoted at Rs 10,700 per 10 gms, its last recorded high. (Last year, gold prices had hit $850/oz for the first time since 1980.)
Market participants attributed the surge in bullion prices to the high crude oil prices, geo-political tensions and weakness in the dollar.
While the banks’ landed cost of gold was Rs 11,070 per 10 gm, the market prices ruled between Rs 10,990 and Rs 11,000, said an official with Axis Bank.