Business IdeasGold closes above Rs 18,000 on strong global cues
Gold prices today jumped by Rs 170 to close at all-time record of over Rs 18,000 per 10 gm in the bullion market here on strong marriage season demand, positive global cues and a weaker dollar.
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Resuming its upward trend for the second day in a row, which saw the metal touching Rs 18,000 yesterday, both standard gold and ornaments shot up Rs 170 each to close at Rs 18,170 and Rs 18,020 respectively. Sovereign followed suit and rose by Rs 200 to set a fresh peak of Rs 14,000 per piece of eight gram.
Marketmen said the metal rose on hectic buying by stockists and fabricators in view of the ongoing marriage season. Gold crossing $1,195 in London, after Sri Lanka’s central bank purchased bullion also added to gold’s gain, they said.
Sri Lanka bought 10 tonnes from the International Monetary Fund following India, Russia and Mauritius in the rush for gold.
The metal, which typically moves inversely to the dollar, also received help after the US currency fell to a 14-year low against against the yen.
However, silver ready lacked necessary buying support at existing higher level and fell by Rs 50 to Rs 28,950 a kg and weekly-based delivery by Rs 30 to Rs 28,550 a kg. Silver coins remained steady at Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.
Gold retreats from record high
London: Gold fell from a record high hit earlier on Thursday as the dollar lifted from its lows, but the metal was still expected to seek higher ground due to prospects for central bank buying and further dollar weakness.
Spot gold hit a record high of $1,194.90, but had retreated to $1,184.95 an ounce by 1213 GMT versus its last quote of $1,190.30 in New York late on Wednesday.