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Gold firms up on global cues

Gold firms up on global cues
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First Published: Mon, Apr 28 2008. 04 32 PM IST
Updated: Mon, Apr 28 2008. 04 32 PM IST
PTI
New Delhi: Rising global crude oil a prices and weakening dollar led to a bullish trend in the overseas market, which pushed up gold prices up by Rs35 to Rs11,765 per 10 grams on the bullion market on 28 April.
Buying activity picked up on reports of firming sentiment in global markets as crude surged close to the record level of $120 per barrel, while dollar fell to new lows against euro.
They added that fresh buying by jewellery fabricators to meet current marriage season demand also boosted the market sentiment, besides the overseas trend, which usually sets the price pattern in the domestic market.
International market trend increased gold’s demand as a hedge, and pushed it up by $4.64 to $890.93 an ounce in London. The metal rose by $3.30 to $893 an ounce on the Comex division of the New York Mercantile Exchange.
Silver also climbed 5.5 cents to $16.935 an ounce. In Delhi, gold ornaments met with fresh retailers demand and recovered smartly by Rs35 at Rs11,615 per 10 grams. Sovereign followed suit and gained Rs25 at Rs9,850 per piece of 8 gram.
On the other hand, silver ready lacked necessary buying support and dropped by Rs240 to Rs22,410 per kg and weekly- based delivery attracted speculator buying and edged up by Rs410 to Rs22,710 per kilo.
Silver coins advanced by Rs26,500 for buying and Rs26,600 for selling of 100 coins on demand.
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First Published: Mon, Apr 28 2008. 04 32 PM IST
More Topics: Bullion | Report | Gold | Silver | Dollar |