Gold touches 13k level again on higher global cues | business | Hindustan Times
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Gold touches 13k level again on higher global cues

business Updated: Nov 22, 2008 17:09 IST
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Gold prices touched the Rs 13,000 level again after a gap of more than one month on the bullion market in Mumbai on Saturday on heavy stockists buying, triggered by smart rise in global market.

Silver prices recovered on renewed industrial demand.

Gold prices rallied in New York above USD 800 announce on strong physical demand due to economic uncertainties.

Spot gold rose to USD 800.70 an ounce, its highest since October 21. It ended at USD 798.15 up 7.2 per cent from Thursday's close.

Gold futures for December delivery jumped by USD 43.10 an ounce to USD 791.80 an ounce on the Comex division of the New York Mercantile Exchange.

Silver futures for March delivery also rose by 45.6 cents to USD 9.505 an ounce on Comex.

In the local market, standard gold (99.5 purity) shot up by Rs 665 per 10 grams to end at Rs 12,995 as against the Saturday's closing level of Rs 12,330, after crossing a 13k level at the opening session.

Pure gold (99.9 purity) also rose to Rs 13,060 from Rs 12,385 on Friday.

Silver ready (.999 fineness) firmed up by Rs 295 per kilo to Rs 16,775 from Rs 16,480 .