Gold prices opened with further gains and standard gold, for the first time, breached the Rs 7000 level and was quoted at a new peak of Rs 7015 per ten gram during the opening session on the bullion market in Mumbai on Monday.
Similarly, pure gold also opened at a record level of Rs 7050 per 10 gram. Higher overseas advices and heavy demand in view of the marriage season boosted the gold sentiment, dealers said. In the global market, gold was being quoted around $470 to $472 per ounce, they added.
"Normally, we buy gold in huge quantity ahead of festival and wedding seasons to meet the increased demand which cause a price hike, but this time sharp rise in the global prices forced us to buy the commodity at much higher prices which caused the recent steep rise in prices of gold and silver", a leading bullion dealer said.
