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Gold rises to one-month high on firm Asian trend

Gold rises to one-month high on firm Asian trend
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First Published: Wed, Jul 02 2008. 08 32 PM IST
Updated: Wed, Jul 02 2008. 08 32 PM IST
PTI
New Delhi: Gold prices surged to one-month high level of Rs13,225 per 10 grams on increased buying triggered by firming global trend.
The precious metal gained Rs200 over the previous close. Silver also joined the rally and rose by Rs400 to close at Rs 25,000 per kg.
Buying activity gathered momentum after report of gold traded near 10-week high in Asian markets as geo-political tensions in the Middle East and rising oil prices spurred investors’ demand for bullion, considered as a safe haven.
In Asian markets, gold rose to $941.35 an ounce after reaching $946.08 on 1 July, the highest since 18 April. Silver added 0.2% to $18.14 an ounce.
The sliding dollar also boosted gold’s rally. The US currency traded near a three-week low against euro and yen ahead of US job market reports this week. It stood at 1.5807 dollar against euro, compared with 1.5793 dollar on 1 July in New York.
In the domestic market, standard gold and ornaments spurted further by Rs200 each to Rs13,225 and Rs13,075 per 10 grams respectively. Sovereign followed suit and gained Rs50 at Rs10,150 per piece of eight gram.
Silver ready shot up by Rs400 to Rs25,000 per kg and weekly-based delivery by Rs375 to Rs25,215 per kg. Its coins also traded higher by Rs100 at Rs27,400 for buying and Rs27,500 for selling of 100 coins.
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First Published: Wed, Jul 02 2008. 08 32 PM IST
More Topics: Bullion | Gold | Silver | Money Matters | Commodities |