20 Nov 2009, 1721 hrs IST, PTI
NEW DELHI: Continuing its record setting spree, gold today surged by Rs 100 and touched a new high of Rs 17,500 per 10 gram in the bullion market here on heavy buying by jewellery makers amid firming global trend.
Silver coins also rose to an all-time high of Rs 34,200 for buying and Rs 34,300 for selling of 100 pieces, recording a significant rise of Rs 200.
Analysts said that gold prices might touch Rs 18,000-level here once physical buying starts in the overseas market ahead of the Christmas season.
Gold, which moves in tandem with the international trend, got support from firming global cues rather than physical buying for the current marriage season, said Mahesh Verma of OM Sons jewellers.
The yellow metal in the overseas markets rose to 1,154 dollar an ounce.
Some of the investor funds were seen shifting from volatile equities to bullion, boosting gold prices.
The precious metal commenced its upward journey ever since the Reserve Bank of India bought 200 tons of gold from the International Monetary Fund, raising fears that some more central banks may follow suit.
The major transaction took place at a time when the market was passing through a hectic time of marriage season buying. Besides, a firming global trend due to dollar's weakeness overseas boosted demand for the metal as an alternate investment.
Gold, which had gained Rs 400 in last four sessions, rose further by Rs 100 to Rs 17,500 per 10 gram, a level never seen before.
Standard gold and ornaments shot up further by Rs 100 each to set a new peak of Rs 17,500 and Rs 17,350 per 10 gram respectively, while sovereign rose to a new peak of Rs 13,550 by gaining Rs 50 per piece of eight gram.
Silver ready rose by Rs 80 to Rs 28,680 per kg and weekly-based delivery by Rs 200 to Rs 28,400 per kg.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment