Gold rises to Rs14,170 on firm global trend

Gold rises to Rs14,170 on firm global trend
PTI
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First Published: Fri, Jan 30 2009. 04 15 PM IST
Updated: Fri, Jan 30 2009. 04 15 PM IST
New Delhi: Gold prices on Friday surged past all previous records to set a new peak at Rs14,170 per 10 gram in the bullion market on aggressive buying by stockists sparked by a firming overseas trend.
Trading sentiment turned extremely bullish after the gold in overseas markets surged to a three-month high as holdings in the world’s biggest exchange-traded fund backed by bullion expanded to a record, signalling increased demand for the metal as a haven.
The gold trading volume on London’s SPDR Gold Trust expanded by 1.3% to a record 843.59 metric tons. The precious metal heading for a 4.6% gain in January, its third monthly increase, after adding 18.13 dollar to 926.78 dollar an ounce.
The global trend which set prices in domestic markets here, pushed up standard gold and ornaments by Rs320 each at an all-time high level of Rs14,170 and Rs14,020 per ten gram respectively. Sovereign rose by Rs50 at Rs11,050 per ten gram in brisk trading.
Silver joined the rally rising by Rs300 at Rs19,400 per kg and weekly-based delivery by Rs420 at Rs19,600 per kg. Silver coins surged by Rs300 to Rs27,800 for buying and Rs19,600 for selling of 100 pieces.
A similar firmness was noticed in futures trading as gold shot up by 2.13% to Rs14,448 per ten gram on the Multi Commodity Exchange, a level never seen before. Silver for July month delivery rose by 4% to Rs20,310 per kg on the MCX.
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First Published: Fri, Jan 30 2009. 04 15 PM IST
More Topics: Gold | Bullion | Commodity | India | Money Matters |