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This is an archive article published on November 17, 2009

Gold crosses Rs 17k-level in early trade

Gold prices crossed the Rs 17,000 level for the first time in the history.

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Gold prices crossed the Rs 17,000 level for the first time in the history in early trade in the bullion market on sustained buying by stockists and jewellers influenced by overnight rally in New York.

Silver,too,rallied to an all-time high of Rs 28,355 on persistent demand from industrial users.

Standard gold (99.5 purity) hardened by Rs 105 per ten grams to resume at Rs 17,035 from the overnight closing level of Rs 16,930.

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Pure gold (99.9 purity) also rose by Rs 100 per ten grams to Rs 17,115 from Rs 17,015 previously.

Silver ready (.999 fineness) jumped by Rs 415 per kilo to Rs 28,355 from Rs 27,940 previously.

Gold futures for December delivery shot up by USD 22.50 an ounce to close at USD 1,139.20,after rising to USD 1,144.20 on the Comex Division of the New York Mercantile exchange on strong demand from investors due to weakness of US dollar.

Silver for December also shot up by USD 1.02 to USD

18.40 an ounce.

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