Gold prices zoomed up by Rs 110 per ten grams to close at a 6-year high of Rs 5450 on the bullion market on Friday due to hectic stockists' buying prompted by a steep rally in the international prices.
Silver followed suit and shot up by Rs 125 per kilo.
Standard gold opened sharply higher at Rs 5,400 and skyrocketed up on heavy buying spree and closed at a six-year high of Rs 5,450, revealing a handsome gain of Rs 110 over Thursday's close of Rs 5,340.
However, the all-time high for gold was Rs 5,713 recorded on February 6, 1996, a dealer said.
Ten-tola gold bar (.999 purity) also resumed smartly high at Rs 63,250 and continued to rise sharply in line with standard gold, before closing at a recent high of Rs 63,800, revealing a whopping jump of Rs 1,300 over the previous close of Rs 62,500.
The sentiment was boosted by a steep rally in the global prices as gold had touched a high of $332.10 an ounce in New York. Similarly, it shot up to $334.50-335.50 an ounce in Hong Kong and to $332.20-332.70 an ounce in London.
The steep rise in the international prices was attributed to various reasons like steep fall in US dollar against major world currencies, rise in crude oil prices following news that the Organisation of Petroleum Exporting Countries was expected to cut oil production and the report that the missiles found in the intercepted North Korean ship to Yemen was possibly for the use of terror attacks, dealers said.
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