Gold hits four-month high

Gold hits four-month high

New Delhi: Gold prices surged to a four-month high on on 6 September 2007 on hectic buying by stockists triggered by firming overseas trend.

A steady rise in gold demand pushed up the prices to a level last seen on May 10.

Standard gold and ornaments strengthened by Rs30 each at Rs9,200 and Rs9,050 per ten grams respectively.

Trading sentiments turned bullish on reports the precious metal continued to rise in international markets and added $2.97 to $684.78 dollar an ounce. Silver also added 4.25 cents to $12.25 an ounce in the international markets.

The global bullion markets, which normally set the price band in domestic markets, surged following a steep rise in crude oil prices, shifting the investors’ attention towards gold.

On the other hand, despite higher overseas advices, silver lacked necessary follow-up support and lost Rs100 at Rs16,900 per kilo and silver weekly-based delivery dipped by Rs600 at Rs16,700 per kilo.

However, silver coins continued to be asked around previous levels of Rs23,500 for buying and Rs23,600 for selling of 100 pieces.