Gold prices continued to soar at the domestic bullion market today to notch up another all-time record high of ` 33,265 per 10 grams amid stockists and investor off—take on the back of uninterrupted slide in rupee, supply restriction as well as higher overseas cues.
Silver also marched ahead to a seven-month high to revisit ` 59,000—per kg level following heavy speculative demand. The successive rupee depreciation in two days resulted in nearly five per cent gain in gold and nine per cent in silver.
The rupee today tumbled further to a historic low of ` 68.80 against the US currency.
Standard gold of 99.5 per cent purity strengthened by ` 680 to close at ` 33,265 per 10 gm from Tuesday’s closing level of `32,585. Pure gold of 99.9 per cent purity hardened by ` 700 to finish at ` 33,430 per 10 gm from ` 32,730. Silver ready (.999 fineness) spurted by a massive ` 2,800 to end at ` 59,470 per kg as against ` 56,670 previously.
“Unprecedented government gold import curbs coupled with supply hitch and currency fall continue to weigh the yellow metal,” a dealer said. Globally, gold rallied to a 3-1/2 months high on investor off—take amid rising tension over Syria triggering safe—haven appeal.
Spot gold was bid higher at $1,424.71 an ounce in early trade, while silver was bid up at $25.08 an ounce.
Source: Hindu business line.
Source : Bullion Bulletin
