Gold ends at 3-month high at Rs 13,765Gold prices ended at more than a three-month high at Rs 13,765 per ten grams on the bullion market in Mumbai on Friday on fresh stockists enquiries on the back of higher global advices amidst fall in equity markets.
Press Trust of India
Gold prices ended at more than a three-month high at Rs 13,765 per ten grams on the bullion market in Mumbai on Friday on fresh stockists enquiries on the back of higher global advices amidst fall in equity markets.
Gold prices ended at an all-time high of Rs 14,105 on October ten, 2008.
Silver also firmed up on good industrial buying on the back of higher global advices.
Weak equity markets forced investors to shift their funds to bullion and also boosted the prices of precious metals to some extent, a dealer said.
Gold jumped by two per cent in London to a near three-week high as volatility on the currency markets drove investors to opt for buying bullion.
The other main external driver of gold, oil prices, softened on Friday, falling below $43 a barrel after a larger than expected rise in US crude stocks and with bearish economic data dampening hopes for a resurgence in demand.
Spot gold was quoted at 873.30/874.90 an ounce against $855.55 late New York yesterday. Spot silver also climbed to USD 11.53/11.61 an ounce from $11.38 an ounce previously.
Gold futures rose in New York as grim economic data, falling US equities and ongoing concerns about the financial sector increased the metal's appeal as a safe haven.
Turning to the domestic market, standard gold (99.5 purity) shot up by Rs 280 per ten grams to Rs 13,765 from
Thursday’s close of Rs 13,485.
Pure gold (99.9 purity) also hardened by Rs 270 per ten grams to Rs 13,820 from Rs 13,550. Silver ready (.999 fineness) flared up by Rs 235 per kilo to Rs 19,055 from Rs 18,820 previously.
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