Friday, May 23, 2008

Gold crosses Rs.13000 level on firm global cues

NEW DELHI: Gold prices touched the crucial Rs 13,000 per 10 gram level in the bullion market on Thursday on brisk buying by stockists and jewellery fabricators amid firm global trend.

Gold prices shot up by Rs 340 to Rs 13,200 per 10 gram on reports that the metal on global front surged after the dollar weakened against euro and with crude oil setting a new record of around 135 dollar a barrel, marketmen said.

They said the Indian bullion markets were impacted as rupee weakened against dollar here, while dollar weakened against the euro in overseas markets.

The gold in domestic market normally move in tandem with the global bullion markets and closely-related with the forex.

Standard gold and ornaments spurted by Rs 340 each at Rs 13,200 and Rs 13,050 per 10 gram respectively. Sovereign rose by Rs 50 at Rs 10,100 per piece of eight gram.

Silver followed suit and recorded a handsome gain of Rs 220 at Rs 24,900 per kg, while silver weekly-based delivery was distinctly higher by Rs 960 at Rs 25,350 per kg on speculators enlarging their position expecting more rise in the coming days.

Silver ready jumped up by Rs 220 at Rs 24,900 per kg while weekly-based delivery moved up by Rs 960 at Rs 25,350 per kg.

Silver coins gained Rs 200 at Rs 27,200 for buying and Rs 27,300 for selling of 100 pieces.

Courtesy: timesofindia.indiatimes.com

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