Gold touches a 5-month high on overseas support

NEW DELHI: Gold prices zoomed across the country on agressive buying by stockists, triggered by a sharp upsurge in international trend, and touched a five-month high in Delhi gaining further ground. An ongoing upsurge in global market pushed up gold in Delhi by Rs 50 at Rs 5,625 per ten gram, a level last seen on December 26, 2002. In Mumbai, it matched with a 3-month high level of Rs 5,635 per ten gram by recording a gain of Rs 55 while in Kolkatta it shot up by Rs 70 at Rs 5,720 per ten gram.In Chennai, gold was higher by Rs 65 at Rs 5720 per ten gram. The yellow metal, which is in high demand by jewellers due to the ongoing marriage season, received a boost on reports of its prices touching a three-month high in London as the Euro strengthened against the Dollar. Gold for immediate delivery rose as much as $5.10 an ounce, or 1.4 per cent to $360.35 an ounce. The dollar fell to a 52 month low against the Euro, with US Treasury Secretary John Snow suggesting that he was comfortable with its 21 per cent decline in the past year. Indian rupee also rose against the dollar to a 23-month high. The decline made dollar-denominated gold more attractive for investors using other currencies.