Gold, silver scale new highs at opening on global trend
Wednesday, 8 December 2010
MUMBAI, Dec 7 (Agencies): Both the precious metals sparkled on the bullion market here today with the yellow metal touching its new peak and the white metal in early trade on hectic buying from stockists propelled by sharp rise in the global market.
Sustained buying in view of marriage season also boosted the market sentiment.
Gold futures settled at a record high yesterday in New York on uncertainty about European sovereign debt problems and expectations of more US dollar weakness in the near term.
Gold for February delivery gained by $9.90 to $1,416.10 an ounce on the Comex Division of the New York Mercantile Exchange. Silver for March delivery added 46 cents, to $29.73 an ounce.
Turning to domestic market, silver ready (.999 fineness) shot up by Rs 340 per kilo to open at a new peak of Rs 46,005 from its preceding close of Rs 45,665.
Meanwhile, AP from Singapore says, oil fell from a 26-month high Tuesday on reports that China, the world's second-largest crude user, will raise interest rates as soon as this weekend, dampening investor enthusiasm for commodities driven by Asian demand.
In a banner headline across its front page, the China Securities Journal said that this weekend offered a "sensitive window" for a rate rise, which would be the country's second in its current tightening cycle.
The report caps weeks of speculation that China will restrict monetary policy to control inflation in a booming economy that has acted as one of the main engines for energy demand growth.
Sustained buying in view of marriage season also boosted the market sentiment.
Gold futures settled at a record high yesterday in New York on uncertainty about European sovereign debt problems and expectations of more US dollar weakness in the near term.
Gold for February delivery gained by $9.90 to $1,416.10 an ounce on the Comex Division of the New York Mercantile Exchange. Silver for March delivery added 46 cents, to $29.73 an ounce.
Turning to domestic market, silver ready (.999 fineness) shot up by Rs 340 per kilo to open at a new peak of Rs 46,005 from its preceding close of Rs 45,665.
Meanwhile, AP from Singapore says, oil fell from a 26-month high Tuesday on reports that China, the world's second-largest crude user, will raise interest rates as soon as this weekend, dampening investor enthusiasm for commodities driven by Asian demand.
In a banner headline across its front page, the China Securities Journal said that this weekend offered a "sensitive window" for a rate rise, which would be the country's second in its current tightening cycle.
The report caps weeks of speculation that China will restrict monetary policy to control inflation in a booming economy that has acted as one of the main engines for energy demand growth.