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Gold breaches Rs13,000 at open

Gold breaches Rs13,000 at open
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First Published: Thu, May 22 2008. 02 49 PM IST
Updated: Thu, May 22 2008. 02 49 PM IST
PTI
New Delhi: Gold prices zoomed past the crucial Rs13,000 per 10 gram level in the opening session here on 22 May on brisk buying by stockists and jewellers backed by firming global trends.
The precious metal commenced the day higher by Rs280 to Rs13,140 per 10 gram on reports that the metal on the global front surged after the dollar weakened against the euro and with crude oil setting a new record of around $135 a barrel.
Traders said a steep rise in crude oil and a fall in dollar against euro, raised concerns of global inflation, boosting demand for the precious metal as a safe haven.
Meanwhile, they said the Indian bullion markets were impacted as rupee weakened against the dollar.
Gold in the domestic market normally moves in tandem with global bullion and is closely related with the forex market.
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First Published: Thu, May 22 2008. 02 49 PM IST
More Topics: Gold | Euro | Dollar | Inflation | Bullion |