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Journalism of Courage
Gold prices soared to scale a new milestone and topped Rs 32,000 per 10 grams at the bullion hub here today on frantic buying by investors and speculators influenced by buoyant global momentum.
Silver,too,jumped to retrace the Rs 63,000 level,driven by heavy speculative build up.
Standard gold (99.5 purity) zoomed by Rs 125 to finish at Rs 32,095 per 10 gm from overnight closing level of Rs 31,970.
Pure gold (99.9 purity) spurted by Rs 160 to end at Rs 32,245 per 10 gm from Rs 32,085.
Silver ready (.999 fineness) rose by Rs 495 per kg to close at Rs 63,400 as against Rs 62,905 yesterday.
The recent meteoric rise in gold at local market has been mainly propelled by intensified speculation following jubilant overseas sentiment. The metal is on a roll world-wide due to investment demand,traders said.
the global front,the yellow metal vaulted to multi-month high on the back of positive vibes created by the German court ruling on the euro-zone’s rescue fund against the back drop of European Central Bank’s plan announced last week to combat the deteriorating European debt crisis.
Moreover,US Federal Reserve’s two-day monetary policy meeting,which is expected to discuss monetary easing measures,further fuelled overall sentiment.
In London,spot gold was bid higher at USD 1,742.10 an ounce in early trade and silver bid up at USD 33.85 an ounce.
