Gold crosses Rs20k level on festive buying

Gold crosses Rs20k level on festive buying
PTI
Comment E-mail Print Share
First Published: Fri, Oct 15 2010. 03 36 PM IST
Updated: Fri, Oct 15 2010. 03 36 PM IST
New Delhi: Gold breached the crucial Rs20,000 per ten grams level in the national capital on Friday, on frantic buying for the ongoing festivals.
While the gold spurted by Rs175 to an all-time high of Rs20,120 per ten grams, silver jumped up by Rs1,200 to Rs37,000 per kg, a level never seen before.
Buying activity in the precious metals picked up for the ongoing festivals of Navratras, an auspicious week in Hindu mythology for buying new things.
The trading sentiment further bolstered on reports of a firming trend in overseas markets, as investors rushed to look for an alternate investment over concerns about slowing global economic recovery.
Gold climbed to a record levels near $1,388 an ounce and silver extended its 30-year high rally as a weaker dollar spurred demand for safe alternative investments.
The gold in international markets spurted to near $1,388 dollar an ounce in overseas markets as dollar fell to a 15-year low against yen. Silver rose by 3.9% to $24.92 an ounce in London, the highest price since March 1980.
On domestic front, the gold for 99.9 and 99.5% purity rose by Rs 175 each at Rs20,120 and Rs20,020 per ten grams respectively. Sovereign also rose by Rs100 to Rs15,750 per piece of eight gram.
Silver ready spurted by Rs1,200 to Rs 3,7000 per kg and weekly-based delivery by Rs1,410 to Rs3,6560 per kg. Silver coins followed suit and gained Rs300 to Rs3,6100 for buying and Rs26,200 for selling of 100 pieces.
Comment E-mail Print Share
First Published: Fri, Oct 15 2010. 03 36 PM IST
More Topics: Gold | bullion | Yellow metal | Sensex | Market |