Continuing its upward trend, prices of ornament gold (22 carat) crossed the four figure mark for the first time here opening at Rs 1,008 per gram at the bullion market here on Thursday, a top jewellery retailer said.

The previous high was Rs 995 on December 31 last.

The rise in international oil prices, volatility in the US markets and seasonal demand for the metal were three key reasons for the sudden surge, former President of Madras Jewellers and Diamond merchants Association C V Pandurangan, said here.

Gold prices have been on the upswing for over a week.

Standard Gold (24 ct) opened at a new high of Rs 10,880 per ten gram.

Ornament gold, which opened at Rs 1008 per gram today, closed at Rs 1009, up by Rs 18 per gram.

Standard gold gained Rs 200 per ten grams and ended at Rs 10,890 over its previous close of Rs 10,690.

Bar silver opened at Rs 20,035 and moved up further to close at Rs 20,215 netting a gain of Rs.505 per kilo over its previous close of Rs 19,710.

He said once the foreign markets, which were closed for the holiday period of Christmas and New Year, opened, prices would stabilise. Source: dnaindia