Posts Tagged ‘standard gold and ornaments’

Gold Touches a New High of Rs 16,220 per 10 gram !

Gold-surges-alltime-high

Due to the speedy buying by stockists in advance of the festival season, in the midst of the global rates climbing to an 18-month high of $ 1,018.15 an ounce, GOLD rose by Rs 250 to touch a new high of Rs 16,220 per 10 gram in the gold market.

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However, it is said that after the metal in London increased to an 18-month high, the buying action gathered momentum as stockists indulged in buying gold.

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While, the concern was that a global economic revival may strengthen inflation in the midst of a weak dollar, enhancing demand for the metal as an alternative investment.

On the other hand, gold in overseas markets advanced 10.60 dollar, or 1.1%, to 1,018.15 dollar an ounce whereas silver coins also touched a record high of Rs 31,800 per 100 pieces.

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Further, standard gold and ornaments spurted by Rs 250 each to Rs 16,220 and Rs 16,070 per 10 gram, respectively.

On the other side, sovereign increased by Rsย  50 to Rs 12,950 per piece of 8 gram.

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Marketmen said the precious metal might see new peaks in the coming days once the festival and marriage season starts on September 19.

Current upsurge maybe purely out of reason of stockists buying as retailers refrained from buying gold during ‘Sharaadh’, the ongoing inauspicious fortnight in Hindu mythology.

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According to analysts, gold may climb a high level of $1,100 an ounce in the overseas market in the next six months.

Silver ready shot up by Rs 700 to Rs 26,600 per kg and weekly-based delivery by Rs 910 to Rs 27,570 per kg.

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Silver coins rose to an all-time high by gaining Rs 200 to Rs 31,700 for buying and Rs 31,800 for selling of 100 pieces.

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However in between due to the increasing investment demand with the commencement of festival and marriage season, gold imports observed a huge rise during August at 21.8 tonnes as compared to the previous month where the import of the precious metal was 7.8 tonnes this year.

This shows that India’s gold imports have trebled in a gap of one month.

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Gold Prices Increased to a Record High @Rs 15,900 !!

gold rates

Driven by last minute heavy purchases by traders in order to build up stocks before the start of the inauspicious ”Sharad”, the gold prices increased to a record high of nearly Rs 16,000 per 10 gram in the national capital.

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However, the costly metal spurted by Rs 200 from Thursday’s level at scale a new peak of Rs 15,900 per 10 gram.

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Additionally, the prices of silver coins too skyrocketed to an all time high 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.

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Moreover, the raise in the gold rates was due to heavy demand from jewellers and stockists before Sharad.

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Additionally, the rally was also sparked by gold”s rise in the overseas markets to a six-month high, towards 1,000 dollars an ounce.

Further the ambiguity in the stocks, which remained more unstable in last one-week, left very less choice for the investors but to invest in bullion as a safe haven.

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However, in the last one week the BSE index Sensex fell for four consecutive days, but gained 290.79 points on Friday at 15,689.12, the last trading day of the week whereas silver ready surged by Rs 700 to Rs 25,300 per kg and weekly-based delivery by Rs 560 to Rs 25,700 per kg.

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Moreover, the standard gold and ornaments shot up by Rs 200 each to Rs 15,900 and Rs 15,750 per 10 gram respectively.

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