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Gold, silver prices zoom on firm global cues

Gold, silver prices zoom on firm global cues
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First Published: Wed, Mar 26 2008. 04 36 PM IST
Updated: Wed, Mar 26 2008. 04 36 PM IST
Update
New Delhi: Gold and silver prices surged in the bullion market here today on aggressive buying by stockists and jewelery fabricators influenced by firming global trend.
Gold prices gained Rs190 to Rs12,370 per 10 gram, while silver zoomed by Rs500 to Rs23,100 per kg as jewellers and industrial units remained aggressive buyers.
The yellow metal traded notably higher by 0.3% to $941.95 an ounce, the highest since 20 March. It rose the most in three weeks as a disappointing U S consumer confidence report eroded the dollar’s value and boosted the appeal of the gold.
Marketmen said a steep rise in global markets mainly pushed up the prices even as the physical demand was negligible.
Standard gold and ornaments shot up by Rs190 each to Rs12,370 and Rs12,220 per 10 gram respectively. Sovereign held unchanged at Rs9,925 per piece of eight gram.
Silver ready spurted by Rs500 to Rs23,100 per kg and weekly-based delivery by Rs690 to Rs23,250 per kg. Silver coins, on the other hand, remained unaltered at Rs26,600 for buying and Rs26,700 for selling of 100 pieces.
Mumbai: Indian copper futures may rise on Wednesday tracking gains in both Shanghai and London copper as a weak dollar spurred buying in the red metal, analysts said.
The most active April contract on the Multi Commodity Exchange of India (MCX) ended at Rs324.80 a kg on Tuesday and may open around Rs326 on Wednesday, an analyst with Karvy Comtrade said.
He recommended buying at current levels with an intra-day target of Rs332-333 a kg.
Indian gold futures are expected to open firm, probably with a gap, on Wednesday on bullish overseas cues that rose on the back of a weak dollar, an analyst said.
The most active April contract on the MCX ended at Rs12,120 per 10 grams on Tuesday and is likely to open around Rs12,190 on Wednesday.
An analyst with Anand Rathi Commodities said selling at higher levels would be a good strategy.
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First Published: Wed, Mar 26 2008. 04 36 PM IST