Gold prices up Rs150 on improved demand

Gold prices up Rs150 on improved demand
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First Published: Tue, May 06 2008. 03 53 PM IST
Updated: Tue, May 06 2008. 03 53 PM IST
PTI
New Delhi, May 6 (PTI) Gold prices spurted by Rs150 to Rs11,670 per 10 gram on the bullion market on 6 May on brisk buying by stockists and general investors.
Marketmen said buying activity picked up as some investors diverted their funds from melting stock markets to bullion and helped the precious metal to move up.
A firming global trend also attributed to the rise in prices. Gold rose for a third consecutive session in London as crude oil gained, spurring investors to buy the metal as a hedge against inflation.
The yellow metal rose $5.12 to $879.32 an ounce and silver by 0.4% to $16.77, while stock markets across the board and in the US fell sharply.
Standard gold and ornament shot up by Rs150 each to Rs11,670 and Rs11 520 per 10 gram respectively. Sovereign also rose by Rs50 at Rs9,875 per piece of eight gram.
Silver ready spurted by Rs680 to Rs22,800 per kg, while weekly-based delivery fell by Rs20 to Rs22,450 per kg as speculators refrained from enlarging their positions.
Silver coins were back in demand and gained Rs100 at Rs26,600 for buying and Rs26,700 for selling of 100 pieces.
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First Published: Tue, May 06 2008. 03 53 PM IST
More Topics: Bullion | Gold | Silver | Sovereign | Money Matters |