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Gold rises on global trend, lower stocks

Gold rises on global trend, lower stocks
PTI
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First Published: Mon, Mar 30 2009. 05 10 PM IST
Updated: Mon, Mar 30 2009. 05 10 PM IST
New Delhi: Gold prices rose by Rs140 to Rs15,440 per 10 gram in the national capital on Monday on emergence of buying sparked by firming global trend and investors shifting funds from melting stocks to bullion.
Silver followed the same trend and rose by Rs80 to Rs22,170 per kg.
Buying activity in gold picked up after reports that the precious metal rose in overseas market, by adding $2.95 at $926.10 an ounce.
Some investors sold equities, after the Bombay Stock Exchange benchmark Sensex tumbled over 480.35 points during the day, and invested in the gold as a better option.
Scattered small buying for the ongoing “Navratra” festival, considered to be an auspicious time in Hindu mythology for purchasing new gold, also supported the uptrend, they added.
Standard gold and ornaments surged by Rs140 each to Rs15,440 and Rs15,290 per 10 gram, respectively. Sovereign remained flat at Rs12,400 per piece of eight gram.
In a similar fashion, silver ready rose by Rs80 to Rs22,170 per kg and weekly-based delivery by Rs100 to Rs22,290 per kg. Its coins, however, continued to be asked around previous level of Rs28,300 for buying and Rs28,400 for selling of 100 pieces.
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First Published: Mon, Mar 30 2009. 05 10 PM IST
More Topics: Gold | Bullion | Silver | Commodity | Stocks |