Gold surges on strong global cues

Sat, Jul 12 05:41 PM

New Delhi, July 12 (PTI) Gold prices spurted by Rs 225 to Rs 13,480 per 10 grams on the bullion market today on aggressive buying by stockists and jewellers sparked by a steep rise in its prices in the US markets last evening. Buying activity gathered momentum in the bullion market after reports of gold rose to the highest since March 11, in global market as record energy costs and slumping equities spurred demand for the metal as a haven.

It rose to 969 dollar an ounce yesterday. Crude-oil futures rose to a record 147.50 dollar a barrel on speculation Israel may attack Iran, leading to a disruption in supply.

Gold normally move in tandem with the crude prices. The sharp jump in gold prices was mostly attributed to a rally in global market, which normally set price trend in domestic markets here.

A similar firmness was noticed in silver which rose 33 cents to 18.65 dollar an ounce in the U.S. Markets yesterday. Silver ready shot up by Rs 400 to Rs 25,800 per kg and weekly-based delivery by Rs 500 at Rs 26,250 per kg.

Its coins rose by Rs.200 to Rs 27,800 for buying and Rs 27,900 for selling of 100 pieces.

Standard gold and ornaments shot up by Rs 225 each at Rs 13,480 and Rs 13,330 per 10 grams respectively and sovereign gained Rs.50 at Rs 10,375 per piece of eight gram.

PTI.

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