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Gold spurts Rs250 on global cues

Gold spurts Rs250 on global cues
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First Published: Fri, May 16 2008. 04 20 PM IST
Updated: Fri, May 16 2008. 04 20 PM IST
PTI
New Delhi: Gold prices rose by Rs250 to Rs12,310 per 10 grams on the bullion market fuelled aggressive buying by traders, triggered by reports of rising crude oil prices in the global market enhancing the yellow metal’s demand as a hedge.
Marketmen said brisk buying by stockists and jewellery fabricators in line with firm global trend, which sets the prices pattern in the domestic market, attributed to the rise in gold prices.
“Buying gathered momentum on reports that gold rose in London for a second day as higher crude-oil prices spurred demand for the metal as a hedge against inflation,” they added.
Standard gold and ornaments jumped up by Rs250 each to Rs12,310 and Rs12,160 per 10 grams respectively and sovereign gained Rs25 to touch Rs9,900 per piece of eight gram.
Silver ready also attracted buying support from industrial users and shot up by Rs380 to Rs23,600 and weekly-based delivery by Rs370 to Rs23,345 per kg respectively.
However, silver coins traded around previous level of Rs26,700 for buying and Rs26,800 for selling of 100 coins.
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First Published: Fri, May 16 2008. 04 20 PM IST
More Topics: Bullion Report | Gold | Silver | Inflation | Sovereign |