Gold touches record high of nearly Rs 16k
Global Prices Flirt With $1k On Uncertainty New Delhi: Gold prices on Friday shot up to an all-time high of nearly Rs 16,000 per 10g in the national capital, driven by last minute heavy purchases by traders to build up stocks before the start of the inauspicious ‘Sharad’ tomorrow, amid strong global cues. The precious metal spurted by Rs 200 from Thursday’s level at scale a new peak of Rs 15,900 per 10g. The rally was also seen in the prices of silver coins which too skyrocketed to a record level of Rs 31, 200 per 100, pushed up by a steep rise of Rs 700 up in silver rates at Rs 25,300 per kg. The surge in the gold rates was led by heavy demand from jewellers and stockists before Sharad, a inauspicious fortnight for making any fresh purchases, marketmen said. They added that heavy purchasing orders before big festivals like Diwali and beginning of marriage season soon after th ending of Sharads on September 18 were made in last four trading sessions. Further the uncertainty in the stocks, which remained more volatile in last one-week, left little option for the investors but to invest in bullion as a safe haven. In the last one week the sensex fell for four consecutive days, but gained 291 points on Friday at 15,689. Standard gold and ornaments shot up by Rs 200 each to Rs 15,900 and Rs 15,750 per 10 gram respectively. Sovereign also rose to all-time high by gaining Rs 100 to Rs 12,800 per piece of eight gram. Gold steadied near $990 an ounce on Friday, consolidating a potent two-day rally that took the market to within a whisker of $1,000, with inflation concerns and jitters over stock market gains stoking investor interest. Gold is benefiting from uncertainty over the strength of the economic recovery, with investors who see the recovery faltering buying the metal as a haven from risk, while those who believe it is sustainable choose the metal as an inflation hedge. Gold, traditionally a port of refuge during economic storms, broke out of two months of range-bound trade this week, with investors seeking out a fresh play after global share prices reversed course and a rally in other commodities stalled. AGENCIES * Shining Bright ** Surge in gold rates was led by heavy demand from jewellers and stockists before Sharad, a inauspicious fortnight for making any fresh purchases, believe marketmen **Moreover, the instability in the stocks, which remained more volatile in last one-week, left little option for the investors but to invest in bullion as a safe haven ** Gold is benefiting from uncertainty over the strength of the economic recovery too * --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
