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Gold breaches Rs12,000 level

Gold breaches Rs12,000 level
PTI
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First Published: Fri, Aug 22 2008. 05 00 PM IST
Updated: Fri, Aug 22 2008. 05 00 PM IST
New Delhi: Tracking strong global trends, gold prices in the bullion market on 22 August spurted by Rs110 to breach the psychological Rs12,000 mark on brisk buying by stockists and jewellers. It closed at Rs12,020 per 10 grams.
Market sentiment turned bullish after reports gold rose to a one-week high in New York as gain in energy costs and decline in the value of US currency boosted the appeal of precious metals as hedge against inflation, traders said.
They said some buying interest among investors shifted from melting stock markets to the bullion.
Pick up in seasonal demand too had a positive impact on the market sentiment, they added.
Gold gained $18.40 to $837 an ounce in New York on 21 August night, the highest since 14 August.
Standard gold and ornaments gained Rs110 each at Rs 12,020 per 10 gram and Rs11,870 per 10 gram. Sovereign rose by Rs100 at Rs9,900 per piece of eight gram.
Silver ready surged by Rs450 to Rs21,100 per kg and weekly-based delivery by Rs20,470 per kg respectively.
Silver coins gained Rs 200 at Rs 27,800 for buying and Rs 27,900 for selling of 100 pieces.
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First Published: Fri, Aug 22 2008. 05 00 PM IST
More Topics: Bullion | Gold | Silver | Stocks | Dollar |