Gold prices hit record highs on global cues

Taking cues from the global markets, standard gold hit an all-time high of Rs 11,600 per 10 gm in Mumbai today before closing at Rs 11,575 per 10 gm. Pure gold (.999) hit a high of Rs 11,650 per 10 gm before closing at Rs 11,625 per 10 gm.

Worries over dollar hitting fresh lows against the major currencies saw the gold price hit another record of $914.10/oz in London today morning.

"The ensuing wedding season has now collapsed as traders are unwilling to make fresh investments in gold jewellery,"" a local trader said.

Gold futures on MCX moved up marginally (1%) to hit lifetime highs today. The yellow metal for February delivery touched Rs 11,492 per 10 gram - a rise of 1.18% while the metal touched Rs 11,795 per 10 gram, a gain of 1.21%, for delivery in December.

Silver also followed suit with the white metal closing in Mumbai with a gain of Rs 400 at Rs 20,800 per kg. The metal has gained more than Rs 1,000 per kg since January 1 in line with an upsurge in London where the metal hit a lifetime high at $16.56 per ounce.