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2008-07-02 18:56:32 |
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Gold jumps to new record at Rs 13,225 in India
Commodity Online
MUMBAI : Gold and silver prices in India surged to record highs Wednesday influenced by firm global trends.
Gold surged to one-month high level of Rs 13,225 per 10 grams on increased buying triggered by firming global trend. The precious metal gained Rs 200 over the previous close.
Standard gold and ornaments spurted further by Rs 200 each to Rs 13,225 and Rs 13,075 per 10 grams respectively. Sovereign followed suit and gained Rs 50 at Rs 10,150 per piece of eight gram.
Silver shot up by Rs 400 to close at Rs 25,000 per kg and weekly-based delivery by Rs 375 to Rs 25,215 per kg. Its coins also traded higher by Rs 100 at Rs 27,400 for buying and Rs 27,500 for selling of 100 coins.
Buying activity gathered momentum after report of gold traded near 10-week high in Asian markets as geo-political tensions in the Middle East and rising oil prices spurred investors' demand for bullion, considered as a safe haven.
In Asian markets, gold rose to $941.35 an ounce after reaching $946.08 yesterday, the highest since April 18. Silver added 0.2 per cent to 18.14 dollars an ounce.
The sliding dollar also boosted gold's rally. The US currency traded near a three-week low against euro and yen ahead of US job market reports this week. It stood at $1.5807 against euro, compared with $1.5793 yesterday in New York.
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| FOREX Reports |
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Aussie ends lower again |
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The Aussie closed trading weaker Wednesday as another lackluster day on Wall Street weighed on risk sentiment.
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Yen keeps rising |
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Japanese yen continued gains Wednesday as investors turned risk-averse after shares in Asia fell on fears that the credit crunch would lead to a sharp slowdown in the global economy.
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Pound sterling recovers against dollar |
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Pound sterling continued its recovery Tuesday as traders welcomed the UK government's plan to inject 37 billion pounds into the country's ailing banks.
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