For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Gold price hits 3-month high on global cues

By Super
|

Gold price hits 3-month high on global cues
Gold prices zoomed to a three-month high Friday, crossing Rs 29,000 per 10 gram in major cities across the country on global cues, including escalating tensions in Iraq, a weak rupee and volatility in stock markets.

In the countrys financial capital (Mumbai), standard gold (24 carat) touched Rs 29,170, as investors look at the yellow metal as a safe bet at a time when uncertainty grips financial and currency markets due to geo-political reasons.

 

Similarly, gold prices shot up to Rs 29,300 in Delhi, Rs 29,280 in Kolkata, Rs 29,250 in Bangalore and Rs 29,330 in Hyderabad, a level that was seen in the third week of May and an increase of Rs 300-500 from Thursdays closing rates.

 

The sudden rise in gold prices in the Indian sub-continent market has been attributed to a spurt in demand for the yellow metal in global markets such as Singapore and London bullion markets where the metal hit a high of USD 1,322.60 per ounce after the US launched air strikes in northern Iraq against the invading Islamic State (IS) forces.

With the festive season setting in later this month, traders said gold prices will sustain the upward momentum and cross the Rs.30,000-mark even before the wedding season begins next month.

According to the World Gold Council, India became the second largest consumer of gold with 975 tonnes of the metal sold in 2013 as against 1,066 tonnes in China.

PTI

Read more about: gold prices world gold council
Story first published: Saturday, August 9, 2014, 9:45 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X