Gold rises to Rs 22,865, silver gains Rs 400 on global cues

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Gold rises to Rs 22,865 on global cues
On May 28, 2011, the gold shot up by Rs 120 to Rs 22,865 per 10 grams while silver rebounded by Rs 400 to Rs 57,600 per kg recovered as a result of the commencement of buying activity by the traders in the midst of the steady overseas trend.

Locally, the silver ready recovered by Rs 400 to Rs 57,600 per kg and it had lost Rs 1,300 yesterday.

The silver weekly-based delivery rose by Rs 385 to Rs 57,585 per kg, after losing Rs 1,300 in the previous session while the silver coins were firm at Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.

The gold of 99.9 and 99.5 per cent purity shot up by Rs 120 each to Rs 22,865 and Rs 22,745 per 10 grams in line with a general firming trend while the metal had lost Rs 75 in the last trading session.

The sovereigns also gained Rs 50 to Rs 18,700 per piece of eight grams.

Moreover, the buying activity in the precious metals rose since gold rose to a 3-week high overseas at $17.10 an ounce and silver gained 2.07% to $37.96 an ounce. This is as the dollar's slump spurred the demand for the metals.

The total above ground stocks of gold is estimated to be around 1,63,000 tonnes by Gold Fields Minerals Services (GFMS) as on end of 2008 and out of this total stock, 51% is estimated to be present as jewellery, 18% as official reserves, 17% held as investment, 12% used for industrial purposes and 2% is unaccounted.

Meanwhile, some of the worlds gold markets are OTC markets at London (LBMA), New York and Zurich, Gold derivative exchanges at New York - CME (COMEX), Tokyo (TOCOM) and Mumbai (MCX) while Istanbul, Dubai, Hong Kong and Singapore are doorways to important consuming regions.

Gold is the oldest precious metal known to man and for thousands of years it has been valued as a global currency, a commodity, an investment and simply an object of beauty.

Read more about: gold, commodities, mcx
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