MUMBAI: Gold continued its record-making spree and conquered yet another peak on the bullion market on Wednesday, driven by aggressive buying from
stockists and traders following a surge in global markets. In the domestic market, standard gold (99.5 purity) soared by Rs 390 per 10 grams to close at Rs 16,630 from Tuesday's closing level Rs 16,240. Pure gold (99.9 purity) also shot up by a similar margin to end at Rs 16,715 per 10 grams to Rs 16,325 on Tuesday. Silver ready (.999 fineness) rose by Rs 1,080 per kg to end at Rs 27,770 from Rs 26,690 previously. The current rising trend was mainly attributed to the prevailing global trend as the domestic market always look for cues, traders said. The record-breaking spree in gold even made inroads into international markets. In London, gold hit record highs above $1,095 an ounce sparked by India's purchase of 200 tonnes of gold from the International Monetary Fund (IMF) supported by dollar's weakness against basket of currencies. US gold futures also hit record highs at $1,096.20 an ounce on the Comex division of the NYMEX. Spot silver was bid at $17.45 an ounce as against $17.20.
stockists and traders following a surge in global markets. In the domestic market, standard gold (99.5 purity) soared by Rs 390 per 10 grams to close at Rs 16,630 from Tuesday's closing level Rs 16,240. Pure gold (99.9 purity) also shot up by a similar margin to end at Rs 16,715 per 10 grams to Rs 16,325 on Tuesday. Silver ready (.999 fineness) rose by Rs 1,080 per kg to end at Rs 27,770 from Rs 26,690 previously. The current rising trend was mainly attributed to the prevailing global trend as the domestic market always look for cues, traders said. The record-breaking spree in gold even made inroads into international markets. In London, gold hit record highs above $1,095 an ounce sparked by India's purchase of 200 tonnes of gold from the International Monetary Fund (IMF) supported by dollar's weakness against basket of currencies. US gold futures also hit record highs at $1,096.20 an ounce on the Comex division of the NYMEX. Spot silver was bid at $17.45 an ounce as against $17.20.
POSTED BY:
ASHWANI SUHALKA PGDM 2nd Yr
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