Gold touches seven month high
Monday, 10 September 2007
NEW DELHI, Sep 9 (PTI): Gold prices surged to seven months high level in the bullion market yesterday on increased stockists buying ahead of festivals amid firming global trend and closed higher by Rs.90 at Rs.9,390 per ten gramme. Trading sentiment remained bullish on reports the precious
metal in the US markets continued to rise to record levels on weakening dollar and rising crude oil. Traders said strong fundamentals, including good physical
demand, mainly pushed up gold prices in the US markets which further caused ripples in the Asian region, catapulting gold prices in domestic markets here to record levels. December gold rose further by 5.10 to 709.70 dollar an ounce
on the Comex division of the New York Mercantile Exchange at late night. Comex December silver also rose by 22.7 cents to 12.76 dollar.
Standard gold and ornaments maintained their upward march and touched a seven-month high by gaining another Rs.90 each at Rs.9,390 and Rs.9,240 per ten grammes respectively.
These levels were last seen on March 7. Sovereign followed suit and gained Rs.25 at Rs.7,750 per piece of eight gramme.
A similar trend was extended in white metal as silver ready rose further by Rs.50 at Rs.17,250 a kilo while silver weekly- based delivery was up by Rs.30 at Rs.17,470 per kilo.
However, silver coins hovered around previous level of Rs.23,600 for buying and Rs.23,700 for selling of 100 coins.
metal in the US markets continued to rise to record levels on weakening dollar and rising crude oil. Traders said strong fundamentals, including good physical
demand, mainly pushed up gold prices in the US markets which further caused ripples in the Asian region, catapulting gold prices in domestic markets here to record levels. December gold rose further by 5.10 to 709.70 dollar an ounce
on the Comex division of the New York Mercantile Exchange at late night. Comex December silver also rose by 22.7 cents to 12.76 dollar.
Standard gold and ornaments maintained their upward march and touched a seven-month high by gaining another Rs.90 each at Rs.9,390 and Rs.9,240 per ten grammes respectively.
These levels were last seen on March 7. Sovereign followed suit and gained Rs.25 at Rs.7,750 per piece of eight gramme.
A similar trend was extended in white metal as silver ready rose further by Rs.50 at Rs.17,250 a kilo while silver weekly- based delivery was up by Rs.30 at Rs.17,470 per kilo.
However, silver coins hovered around previous level of Rs.23,600 for buying and Rs.23,700 for selling of 100 coins.