Gold prices touch five-month high !

NEW DELHI: Gold prices today spurted by Rs 495 to regain the Rs 18,000 per ten gram level after five months on heavy buying driven by a rally in overseas markets.

Standard gold surged by Rs 495 to Rs 18,110 per ten gram, a level last seen on November 26, 2009.

Silver also jumped Rs 565 to Rs 28,165 per kg on increased offtake by industrial units and coin makers.

Marketmen said trading sentiment remained firm as gold climbed in overseas markets on stronger demand for the alternative investment as currencies weakened and equities dropped.

Gold in global markets, which normally set the price trend on the domestic front, recorded a handsome rally of 33.20 dollars to 1,208.80 dollars an ounce last evening.

Some funds shifting from melting equity to rising gold for quick gains and firming trend at the futures trading further fuelled the uptrend, marketmen said.

Standard gold and ornaments surged by Rs 495 each to Rs 18,110 per ten gram and Rs 17,960 per ten gram respectively, Sovereign, followed suit and rose by Rs 100 to Rs 14,250 per piece of eight gram.

In line with the general firming trend, silver ready spurted by Rs 565 to Rs 28,165 per kg. The weekly-based delivery shot up by Rs 480 to Rs 27,815 per kg.

Silver coins too traded higher by Rs 100 to Rs 34,000 for buying and Rs 34,100 for selling of 100 pieces.(PTI)


We would like to hear your comments below: