Gold prices back to 19K, silver hits new high | business | Hindustan Times
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Gold prices back to 19K, silver hits new high

business Updated: Sep 14, 2010 21:26 IST

Gold prices bounced back to the Rs 19,000 level at the bullion market here today on emergence of fresh buying at lower levels by stockists and jewellers driven by a sharp turnaround in global markets.

The industrial metal, silver rebounded sharply to a hit anew historic peak on highly speculative buying activities drawing strength from overseas, where prices touched a multi-month high.

Standard gold (99.5 purity) soared by Rs 165 per ten grams to end at Rs 19,020 from Monday's closing level of Rs 18,855 whereas pure gold (99.9 purity) shot up by a similar margin of Rs 165 per ten grams to close at Rs 19,110 as against Rs 18,945 yesterday.

Silver ready (.999 fineness) zoomed by Rs 440 per kilo to Rs 32,530 from overnight closing level of Rs 32,090. In Europe, gold regained its safe haven tag striking distance from record high after weak German data pulled down the equities and Euro.

Spot gold was bid at USD 1,253.85 an ounce in early trade as against USD 1,245.25 in New York yesterday.

Spot silver was bid at USD 20.27 an ounce as against USD 20.02.