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Gold zooms to 5-year high

Our Bureau

MUMBAI, Feb. 7

GOLD prices touched a five-year high in some parts of the country, including Delhi and Chennai, after the yellow metal notched a two-year high for the second consecutive day in the global market.

Standard gold was quoted at Rs 5,050 per 10 gm in Chennai, while in Delhi it slid back to Rs 4,960 after touching the five-year high mark of Rs 5,050. In Mumbai, it was steady at Rs 4,900. In Kolkata, it closed at Rs 4,910.

In London, spot gold ruled at $298.25-299.25 a troy ounce. It is seen consolidating in the $298-302 range this week.

According to Chennai Bullion Association sources, the rates quoted for standard gold were as per bank rates. However, traders who had old stocks were selling at Rs 4,900.

The yellow metal has also been buoyed by frantic purchases in Japan, where mistrust in banks has fuelled the rush.

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