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Gold advances on firm overseas trend

business Updated: May 21, 2009 15:33 IST
PTI
Gold prices

Gold prices advanced by Rs 50 to Rs 14,630 per ten gram in in the bullion market in New Delhi on Thursday on demand from stockists on the back of a firm overseas trend.

Buying activity in precious metals picked up following reports that gold rose to the highest in almost two months as it was seen as a safe tool for hedging investments in the midst of dollar losing its value.

Gold in Asia traded 0.4 per cent higher at 943.30 dollar an ounce as the US currency fell to an eight-week low against the yen after the US Fed projected a deeper recession and said it may boost asset purchases.

Gold, which normally moves in tandem with the global trend, rose for the second straight session and was fuelled further by demand from jewellery makers who are in the thick of the marriage season.

Similarly, silver prices rose by Rs 50 at Rs 22,350 per kg in addition to Rs 500 in yesterday's trade. Silver weekly-based delivery shot up by Rs 180 at Rs 22,440 per kg. Silver coins were unaltered at Rs 29,000 for buying and Rs 29,100 for selling of 100 pieces.

Standard gold and ornaments rose by Rs 50 each at Rs 14,630 and Rs 14,480 per ten gram respectively. Sovereign held unchanged at Rs 12,400 per piece of eight gram.