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Gold shines as global prices soar

Mumbai, Nov. 15: Gold prices shot up to a nine-month high of Rs 5,930 per ten gram on the bullion market here today following firm international prices of the yellow metal.

Silver also soared in tandem with the trend in gold, but bullion analysts feel that a clear direction as to the price trend in the immediate term will be available only on Monday.

Pure gold (99.9 purity) opened firm at Rs 5930, a level not seen since early February, due to heavy speculative buying, but failed to attract further demand and closed at the same level, showing a gain of Rs 30 over the previous close of Rs 5,900.

Standard gold (99.5 purity) also started firm at Rs 5,890, remained range-bound and closed at the same level, a gain of Rs 35 over yesterday’s close of Rs 5,855.

Analysts feel the rise in gold prices was largely due to a spurt in its international prices. According to Bhargava Vaidya, a bullion analyst, prices of the metal rose as the dollar came under pressure amid blasts in Iraq.

“I largely expect gold prices internationally to hover around the current level. However, if there are any more blasts, then we could see a price of $419 per ounce,” he added.

On Friday, prices of gold had shot up to a seven-year high of $396.70 per ounce in the London afternoon trading. In New York, the December gold zoomed up by 3.70 per ounce to $398.00.

Today ready silver also found buying support and shot up by Rs 100 to end at Rs 8,530.

Meanwhile, in a special trading session held to test the NSE back-up facility in Chennai, the 30-share BSE sensex recovered 46 points. The gain came even as foreign institutional investors (FIIs) were conspicuous by their absence on account of their weekly holiday.

Brokers said that the encouraging mid-year economic review presented by the Centre on Friday was the principal reason behind the positive finish.

The BSE benchmark index opened at 4873.91, rose to a intra-day high of 4925.31 before ending at 4911.76 as against yesterday's close of 4865.83, a rise of 45.93 points.

In Delhi, standard gold and ornaments gained Rs 20 each at Rs 5,945 and Rs 5,775 per ten gram respectively. Sovereign held unchanged at Rs 4,700 per piece of eight gram

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