Thursday, 23 August 2012

Gold touches new high at Rs. 31, 035

Gold touches new high at Rs. 31, 035

Clean Media Correspondent

Mumbai, Aug 23 (CMC) Gold price on Thursday surpassed all previous records to touch the Rs. 31,035-mark per 10 grams in tune with global prices that touched a 16-week high amid a weak dollar on anticipation of a fresh stimulus by the U.S. to boost economic growth.

In the spot market, prices of the precious metal rose by Rs. 290 to Rs. 31,035 per ten grams in the national capital, surpassing the previous record of Rs. 30,750 set on June 19.

In Mumbai, gold prices increased by Rs. 135 to Rs. 30,515, while in Kolkata the rates rose by Rs. 235 to Rs. 30,960. The prices of the precious metal in Chennai gained Rs. 270 to Rs. 30,685 per 10 grams from the previous day close.

Traders said the domestic gold price was supported by a strong rally in the overseas market and pick-up in demand from stockists and jewellers for the upcoming wedding season.

“Any change in global prices reflect in the domestic market. International prices rose on hopes of third round of stimulus by the U.S. government to boost economy, lifting investment sentiments,” commodity brokerage firm SMC Comtrade Managing Director D.K. Aggarwal told Clean Media.

Weak dollar index against other currencies also helped gold prices surge, he said, adding that weaker dollar increased the metal’s appeal as an alternative asset. Indian rupee appreciated to 55.41 against U.S. dollar on Thursday.

In the international market, gold rose to a 16-week high to $1,665.09 an ounce and silver gained by 2.5 per cent to $30.57 an ounce.

Back home, silver prices also increased by Rs. 1,000 to Rs. 57,000 per kg on strong global cues. Silver coins rose by Rs. 3,000 to Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.

However, total gold demand in the country is expected to be down by 50 per cent at 30-35 tonnes in the current month from over the year-ago period, as per the Bombay Bullion Association.


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