MUMBAI : Domestic gold continued its upward march in line with global markets for a third straight session on Friday. The metal prices surged mainly on the back over-charged political tensions in Pakistan, surging crude oil prices and the sliding dollar. Gold, which is considered as a safe haven asset, got a boost on Thursday after assassination of Pakistani opposition leader Benazir Bhotto in Rawalpindi.
In international markets, spot gold rose to a four-week high in thin trade on concerns over Pakistan, Iraq supported by dollar weakness and rising crude prices. In London, spot gold touched an intra-day high of $834 an ounce, its highest since November 26, and was last seen at $833.70/834.40 an ounce, from Thursday’s $824.70/825.50 .
Back home, gold attracted good support from speculators and Mumbai, major bullion market in India, took the lead from the front. Standard gold (99.5) prices jumped by Rs 95 in Mumbai before finishing the business at Rs 10,610 per 10 gm. Precious metal strengthened by Rs 65 at Rs 10,765 per 10 gm in Kolkata followed by Delhi, where prices were up by Rs 30 at Rs 10,610 per 10 gm. In Chennai, the metal closed with a gain of Rs 20 at Rs 10,540 per 10 gm.
Silver, on the other, came under pressure on lack of demand. In Delhi, ready silver (.999) melted by Rs 200 to Rs 19,000 per kg, while it lost Rs 100 at Rs 18,900 per kg in Kolkata. The white metal became cheaper by Rs 75 at Rs 19,395 in Chennai. The metal, however, closed higher Rs 5 at Rs 19,365 per kg in Mumbai on technical buying.
In international markets, spot gold rose to a four-week high in thin trade on concerns over Pakistan, Iraq supported by dollar weakness and rising crude prices. In London, spot gold touched an intra-day high of $834 an ounce, its highest since November 26, and was last seen at $833.70/834.40 an ounce, from Thursday’s $824.70/825.50 .
Back home, gold attracted good support from speculators and Mumbai, major bullion market in India, took the lead from the front. Standard gold (99.5) prices jumped by Rs 95 in Mumbai before finishing the business at Rs 10,610 per 10 gm. Precious metal strengthened by Rs 65 at Rs 10,765 per 10 gm in Kolkata followed by Delhi, where prices were up by Rs 30 at Rs 10,610 per 10 gm. In Chennai, the metal closed with a gain of Rs 20 at Rs 10,540 per 10 gm.
Silver, on the other, came under pressure on lack of demand. In Delhi, ready silver (.999) melted by Rs 200 to Rs 19,000 per kg, while it lost Rs 100 at Rs 18,900 per kg in Kolkata. The white metal became cheaper by Rs 75 at Rs 19,395 in Chennai. The metal, however, closed higher Rs 5 at Rs 19,365 per kg in Mumbai on technical buying.
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