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Gold spurts by Rs240 on global cues

Gold spurts by Rs240 on global cues
PTI
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First Published: Fri, Mar 20 2009. 08 33 PM IST
Updated: Fri, Mar 20 2009. 08 33 PM IST
Mumbai: Gold prices spurted by yet another Rs240 per ten grams to end at Rs15,425 on the bullion market here on Friday on persistent stockists buying following sharp overnight rally in New York.
Silver also shot up in line with gold prices coupled with firm trend in overseas market.
Gold futures rallied more than 4% to near $960 an ounce in New York, as the Federal Reserve’s plans to purchase as much as $1.15 trillion in US bonds and mortgage-backed securities sparked worries of inflation ahead, rising gold’s appeal as a hedge against rising prices.
Gold for April delivery surged by $68.70 to $958.80 an ounce on the Comex division of the New York Mercantile Exchange. Silver for May delivery jumped to end at $13.52 an ounce.
In the domestic market, Standard gold (99.5 purity) shot up Rs240 per ten grams to at Rs15,425 as against Rs15,185 on Thursday and pure gold (99.9 purity) also rose by Rs245 per ten grams to Rs15,490 from Rs15,245.
Silver ready (.999 fineness) rallied by Rs755 per kilo to Rs22,535 from Rs21,780.
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First Published: Fri, Mar 20 2009. 08 33 PM IST
More Topics: Gold | Bullion | Commodity | Markets | India |