Gold crosses 15K-level at opening after 3-1/2 months | business | Hindustan Times
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Gold crosses 15K-level at opening after 3-1/2 months

business Updated: Jul 23, 2009 17:30 IST

Gold prices crossed 15-K level after a gap of 3-1/2 months on the bullion market in early trade on good demand from stockists triggered by overnight rise in New York market. Silver also rallied smartly on renewed industrial demand.

Standard gold (99.5 purity) resumed higher by Rs 80 per ten grams to a 3-1/2 months high at Rs 15,015 as against yesterday’s closing level of Rs 14,935.

The level was not seen since April 2, 2009, when it was quoted at Rs 15,080. Pure gold (99.9 purity) also opened higher by Rs 85 per ten trams to Rs 15,090 from the overnight closing level of Rs 15,005.

Silver ready (.999 fineness) also shot up by Rs 245 per kilo to Rs 22,750 from Rs 22,505 on Wednesday.

Gold futures rose to a six-week high in New York, tracking the equities action on Wall Street, where investors considered better-than-expected corporate earnings and another round of testimony on Capitol Hill by Federal Reserve Chief Ben Bernanke.

Gold for August delivery rose by USD 6.40 an ounce to end at USD 953.30 on the Comex Division of the New York Mercantile Exchange.

Silver for September delivery also rose by 23 cents to USD 13.70 an ounce.