Gold touches new peak, silver too zooms

Mumbai, Jan 25: Gold gained Rs 205 per ten gm and rose to an all-time high of Rs 11,630 while silver too reached a 12-week peak at Rs 20,855 per kg with a gain of Rs 155 today in the opening trading session at the Bombay Bullion market.

The yellow and white metals also rose in the international market. A Singapore market report said gold was near an all-time high today on dollar weakness, supply concerns, firm oil and expectations of more interest rate cuts in the United States.

Spot gold hit an intraday high of USD 913 an ounce, within sight of last week's record high of USD 914 an ounce, before dipping to USD 909.55/910.50 an ounce, still higher than USD 907.00/907.70 an ounce late in New York yesterday.

Fed policy makers are scheduled to meet on January 29-30, and a hefty emergency rate cut this week boosted sentiment in precious metals, the report said.

Silver, too, gained to USD 16.36/16.41 an ounce from USD 16.35/16.40.

Following are the opening rates of spot silver and gold in the Bombay Bullion Market today: Silver (per kg) 999 fineness grade : Rs 20,855 Gold (per 10 gm) Gold 99.5 purity standard mint : Rs 11,630 Gold 99.9 purity pure gold : Rs 11,685.

UNI