Gold prices scaled a new peak of Rs 8,705 per 10 gm in Mumbai on sustained buying after the metal neared a 25-year high of $600 an ounce in London. Gold, used in jewellery and investment, has risen around $ 16 this year and about 40% in the past 12 months.
Mumbai glittered the most, where standard variety (99.5) recorded an all-time high of Rs 8,705, after adding Rs 130 per 10 gm. Pure variety (99.9) also notched up by similar margin of Rs 130 at Rs 8,750.
In Delhi, standard gold shot up to Rs 8,770 after adding Rs 70 over the previous close. In Chennai, the yellow metal recorded a fresh high on Monday when it touched Rs 8,780 per 10 gm. In Kolkatta, gold rose as high as $598 an ounce, before easing back to $596.0/596.9 an ounce in the US market on Friday.