Financial Daily from THE HINDU group of publications
Wednesday, Feb 01, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 01, 2006 |
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Commodity Markets Industry & Economy - Precious Metals Gold tracks global trend, hits Rs 8,210 Our Bureau
Mumbai , Jan. 31 GOLD prices surged to a record high in the domestic market on Tuesday on the back of a sharp rise in global prices. Pure gold prices touched Rs 8,210 for 10 gm supported by local buying. Standard gold also touched a new high of Rs 8,170 for 10 gm, up Rs 100 over previous close of Rs 8,070. Similarly, silver (.999 fineness) prices moved up to an all-time high of Rs 13,400 a kg, up Rs 110. "Domestic prices have moved up mainly in line with overseas markets as global prices are gaining support from the current geo-political scenario, a local dealer said. In London, gold touched a 25-year high of $571.38 an ounce overnight. "Local demand for bullion is low as prices are on the rise. Fresh buying has come to a halt and there is a disparity between landed cost and domestic price," Mr Bhargav Vaidya, a bullion analyst told Business Line. Landed cost of gold is higher by Rs 7,000 a kg or about 10 per cent over current prices, while landed cost of silver is also higher by Rs 1,500 a kghe said. Both the precious metals prices are expected to go up further this week on firm global advices. Silver may touch $10 an ounce, traders said.
Related Stories: More Stories on : Commodity Markets | Precious Metals
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