New Delhi: Gold prices surged on the bullion market on 22 March on buying by stockists triggered by firming international trends. The metal recorded a gain of Rs45 at Rs9,475 per ten grams.
Market activity picked up on reports that gold in London reached a three-week high on speculation that higher energy costs will buoy investor demand for the metal as a hedge against inflation.
Bullion gained 4.5% this year partly because crude-oil prices gained in February for the first time in three months, sending US consumer prices higher.
Gold traded in London at a three-week high of $666.03 an ounce as oil, gasoline, natural gas and heating-oil prices gained.
The prices rose $1.50 to $665.70, advancing 3.4% since 13 March, the longest sequence of daily increases since 3 November.
There was some buying by jewellery fabricators to meet current festival demand for the ongoing ‘Navratras´, considered to be an auspicious week in Hindu mythology for making any fresh purchases.
Standard gold and ornaments gained Rs45 each at Rs9,475 and Rs9,325 per ten gram respectively while sovereign continued to be asked at previous level of Rs7,825 a piece of eight gram.
Silver ready also shot up by Rs100 at Rs19,700 per kilo and weekly-based delivery by Rs110 at Rs19,875 per kilo on speculators’ purchase. Silver coins were unchanged at Rs24,000 for buying and Rs24,100 for selling of 100 pieces.