Gold gains for sixth straight day on firm global trend

Sat, May 10 05:29 PM

New Delhi, May 10 (PTI) Gold gained for the sixth straight session today, up by Rs 40 to Rs 12,100 per 10 gram, on the bullion market here on sustained buying by stockists amid strong global conditions and high crude oil prices. The precious metal surged by Rs 615 in last six trading session as investors and stockists increased their holdings as gold continued to rule firm in global markets.

Marketmen said, spiralling crude oil prices which reached a record level of over 125 dollars a barrel mainly increased the interest in gold, which influenced the trading sentiment in the domestic markets. They added that stockists were enlarging their positions feeling that the firming global trend would further push up prices of the precious metals.

Traders said some of the funds have also shifted their funds from melting stock markets to the bullion, considering it a best bet for quick money. The 30-share Sensex on the Bombay Stock Exchange yesterday closed at 16,737.

07, a loss of 343.58 points, or 2.

01 per cent, from its previous close. Standard gold and ornaments gained Rs 40 each at Rs 12,100 and Rs 11,950 per 10 gram respectively.

Sovereign remained unchanged at Rs 9,875 per piece of eight gram. Silver ready shot up by Rs 230 at Rs 22,200 per kg, while weekly-based delivery fell by Rs 335 at Rs 22,990 per kg.

Silver coins were also higher by Rs 100 at Rs 26,700 for buying and Rs 26,800 for selling of 100 pieces. PTI.

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