Gold sets new peak at Rs 16,200

Standard gold and ornaments gained Rs 200 each at Rs 16,200 and Rs 16,050 per 10 gram, respectively. Sovereign also shot up by Rs 50 to a new high of Rs 12,900 per piece of 8 gram.

Marketmen said for the first time in more than six months, gold in the overseas markets crossed the psychological 1,000 dollar an ounce level owing to a weak dollar and concern that inflation may rise in the future, boosting the precious metal’s appeal.