Saturday, 30 April 2011
India: Gold climbs to new high of Rs 23,175
NEW DELHI, APRIL 30:
Gold prices surged to a new peak and crossed the Rs 23,000 mark in the national capital today on sustained buying by speculators, triggered by a strong rally in the overseas markets. Silver, however, dropped due to reduced offtake.
The yellow gold spurted by Rs 655 to an all-time high of Rs 23,175 per 10 grams as it climbed to a record high of $1,570.60 an ounce in day-to-day trading in the international markets.
Hectic buying by stockists and retail customers ahead of ‘Akshya Tritya’ festival, a traditional day for buying gold, further bolstered the market sentiment.
Silver, however, lacked necessary follow-up support on reduced offtake at existing higher levels and shed Rs 500 to Rs 71,500 per kg.
Market analysts said the recent surge in gold prices at the domestic market, driven by a firming global trend, boosted the demand for the metal as a store of value.
They added that the upsurge was speculative in nature and scattered small buying for the coming festival and marriage season supported the market trend.
At the domestic front, gold of 99.9 and 99.5 per cent purity rose Rs 655 each to a record high of Rs 23,175 and Rs 23,055 per 10 grams, respectively. Sovereign followed suit and rose Rs 100 to a fresh high of Rs 18,500 per piece of eight gram.
On the other hand, the white metal attracted profit-taking by dealers at existing higher levels and recorded a moderate loss of Rs 500 to Rs 71,500 per kg, while weekly-based delivery fell by Rs 570 to Rs 70,600 per kg.
Similarly, silver coins lost Rs 500 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
(SOurce: http://www.thehindubusinessline.com/markets/commodities/article1980854.ece)

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