Gold surges by Rs 230 on firming global trend | business | Hindustan Times
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Gold surges by Rs 230 on firming global trend

business Updated: Jun 26, 2008 18:00 IST

PTI
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Gold prices surge by Rs 230 to Rs 12,750 per 10 grams on the bullion market Thursday on aggressive buying by stockists and jewellers triggered by firming global trend.

However, silver lost Rs 250 to Rs 23,600 per kg on poor offtake.

"The bullion markets world-wide were in better shape after the US Federal Reserve kept interest rates unchanged and signaled that a rate rise was not imminent," Delhi-based bullion trader Surrender Jain said.

He said the dollar's fall against euro after the US Fed's rate decision encouraged investors to shift their funds to the bullion markets.

Global markets, which normally set a trend here, depicted fresh gains. Gold advanced as dollar traded near the lowest in more than two weeks against euro, buoying demand for the metal as an alternative investment to the US currency.

Standard gold and ornaments surged by Rs 230 each to Rs 12,750 and Rs 12,600 per 10 grams respectively while sovereign continued to be asked around previous levels of Rs 10,025 per piece of eight grams.

On the other hand, silver ready dropped by Rs 250 to Rs 23,600 per kg on poor offtake but silver weekly-based delivery recovered by Rs 175 at Rs 23,810 per kg.

Silver coins, however, held steady at Rs 27,100 for buying and Rs 27,200 for selling of 100 coins.