Gold rises to record after interim budget

Gold rises to record after interim budget
PTI
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First Published: Mon, Feb 16 2009. 07 30 PM IST
Updated: Mon, Feb 16 2009. 07 30 PM IST
Mumbai: Gold prices climbed to an all-time peak of Rs14,755 on the bullion market on Monday in New Delhi, after the presentation of interim budget which weighed on the equity markets, giving a boost to yellow metal.
Silver also surged further on sustained industrial demand.
Interim budget failed to give much needed support to the financial sector, sending the BSE benchmark Sensex down by over 329 points or 3.42% that prompted cautious investors to have a safe-investment such as gold, a dealer said.
Gold was steady in Europe, consolidating after last week’s more than 3% rise, with strong demand for physical investment products such as gold-backed exchange- traded funds.
Gold prices rose nearly $30 an ounce last week as concern over the economic outlook.
Spot gold was little changed at $940.20/942.20 an ounce as against $939.40 an ounce in New York last Friday.
Spot silver was quoted at $13.61/13.69 an ounce as against $13.62 an ounce.
Turning to the domestic market, standard gold (99.5 purity) firmed up by Rs65 per ten grams to Rs14,755 from the last weekend’s level of Rs14,690. Pure gold (99.9 purity) also moved up to Rs14,810 from Rs14,750 previously.
Silver ready (.999 fineness) rose by Rs105 per kilo to Rs21,610 from Rs21,505 previously.
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First Published: Mon, Feb 16 2009. 07 30 PM IST
More Topics: Gold | Silver | Bullion | Interim Budget 2009 | Markets |