Gold hits record high on weak rupee; silver soars
Gold prices regained Rs 32,000 per ten gram level after 9 months in the national capital today on increased stockists buying as rupee plunged to historic low of 66-level.business Updated: Aug 27, 2013 19:41 IST
Gold prices regained Rs 32,000 per ten gram level after 9 months in the national capital on Tuesday on increased stockists buying as rupee plunged to historic low of 66-level.
Gold surged by Rs 500 to Rs 32,000 per ten gram, a level last seen on December 3 last year, as the rupee hitting a record low against the US currency made the dollar-priced metal costlier.
Silver also rose for the third day by jumping Rs 800 to Rs 54,800 per kg on increased offtake by jewellers and industrial users.
Bullion merchants said the precious metals surged after the rupee plunged to a new record low of 66 per dollar, raising fears the dollar-denominated metals would become costlier.
They said shifting of funds from melting equity to rising bullion and a firm global trend further supported the uptrend, they said.
The gold in London, which normally set price trend on the domestic front here, climbed to more than two months' high by adding 0.46% to 1,411 dollar an ounce.
On the domestic front, gold of 99.9% and 99.5% purity rose smartly by Rs 500 to Rs 32,000 and Rs 31,800 per ten grams, respectively.
In a similar fashion, silver ready spurted by Rs 800 to Rs 54,800 per kg and weekly-based delivery by Rs 1,350 to Rs 55,100 per kg. It had gained Rs 2,200 in last two trades.
On the other hand, silver coins held steady at Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.