Gold sets new peak at Rs16k despite beginning of Shradhh

Gold sets new peak at Rs16k despite beginning of Shradhh
PTI
Comment E-mail Print Share
First Published: Sat, Sep 05 2009. 05 31 PM IST
Updated: Sat, Sep 05 2009. 05 31 PM IST
New Delhi: Jewellers on Saturday continued buying gold despite the onset of Shradhh pushing up prices to the landmark Rs16,000 level per 10g in the national capital, amid positive trends in the global market where the precious metal is reigning at a six-month high.
Standard gold surged by Rs100 at Rs16,000 per 10g in the domestic market where stockists and jewellers built up their stocks despite the commencement of Shradhh, a fortnight considered inauspicious for making valuable buys.
Similarly, silver coins too touched a peak at Rs31,400 per 100 pieces, up by Rs200, backed by a steep rise in silver prices. Silver rose by Rs250 to Rs25,550 per kg.
Marketmen said, prices shot up despite retail customers keeping away from the market, while stockists were keen buyers preparing to meet demand for the festival and marriage season, which starts on 18 September, after the end of Shradhh.
They added that the sentiment was further bolstered by firm trend in the global market where gold is trading around a six month-high of $1,000 an ounce.
Traders said stockist were unconcerned about Shradhh as plenty of jewellery orders were booked in advance for the coming seasons and on fears that prices may rise further.
“Customers feared the firm overseas trend and beginning of festival season may give another big push to the precious metals,” All India Sarafa (Bullion) Bazar President Sheel Chand Jain said.(
Another leading bullion merchant Ravi Jalan said the steep rise in gold prices in global markets was a major factor behind the current rally. He said the market also witnessing some investor fund shifting from the uncertain equity to bullion markets.
Standard gold and ornaments surged by Rs100 each at Rs16,000 and Rs15,850 per ten gram respectively. The sovereign held unchanged at Rs12,800 per eight gram piece.
Silver ready shot up by Rs250 to Rs25,550 per kg and weekly-based delivery by Rs450 to Rs26,150 per kg.
Comment E-mail Print Share
First Published: Sat, Sep 05 2009. 05 31 PM IST