New Delhi: Following international trends, gold prices zoomed to set a new peak at Rs 10,435 per 10 gram in Kolkata on agressive buying by stockists and jewellery fabricators to meet the ongoing marriage season demand.
The gold prices were higher by Rs 335 at Rs 10,435 in Kolkata while in Chennai it rose by Rs 315 at Rs 10,375 per ten gram respectively. In Mumbai, it notched up by Rs 310 at Rs 10,265 and in Delhi by Rs 250 at Rs 10,380.
The prices of gold rose over $70 an ounce on mounting tension over Iran's nuclear-research programme causing inflation concerns, which boosted buying interest in gold.
The weakening dollar also gave a push to the dollar denominated metal and bolstered trading in domestic markets, which was already in 'buy' zone for the ongoing marriage season.
Gold for June delivery on the New York Mercantile Exchange rose to $703.20 an ounce, the highest since October 9, 1980, when the contract had reached $708.50.
Marketmen said gold, which traditionally moved in the opposite direction of the dollar, gained 31 per cent this year as the US currency lost 6.6 per cent against a basket of six major currencies.
They said the gold crossing 25-year high levels was the main factor in pushing up the prices in domestic markets here.
It has climbed 24 per cent since January 9, when the world's fourth-largest oil producer said it resumed nuclear research, they added.
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