Gold spurts by Rs 250 on firm global cues
Gold prices rose by Rs 250 to Rs 12,310 per 10 grams on the bullion market in New Delhi on aggressive buying by traders.business Updated: May 16, 2008 17:51 IST
Gold prices on Friday rose by Rs 250 to Rs 12,310 per 10 grams on the bullion market here on aggressive buying by traders triggered by reports of rising crude oil prices in the global market enhancing the yellow metal's demand as a hedge.
Market men said brisk buying by stockists and jewellery fabricators in line with firm global trend, which sets the prices pattern in the domestic market, attributed to the rise in gold prices.
They added that buying activities gathered momentum on reports that gold rose in London for a second day as higher crude-oil prices spurred demand for the metal as a hedge against inflation.
Standard gold and ornaments jumped up by Rs 250 each to Rs 12,310 and Rs 12,160 per 10 grams respectively and sovereign gained Rs 25 to touch Rs 9900 per piece of eight gram.
Silver ready also attracted buying support from industrial users and shot up by Rs 380 to Rs 23,600 and weekly-based delivery by Rs 370 to Rs 23,345 per kg respectively.
However, silver coins traded around previous level of Rs 26,700 for buying and Rs 26,800 for selling of 100 coins.