MUMBAI: A softer dollar and surging crude oil prices have worked together in favour of gold, pushing the prices to near five-month high of Rs 9,210 per 10 gm on Friday.
The domestic market got a boost from global markets, where gold rose as high as $707.10 an ounce compared with New York’s last quote of $695.70/696.30 on Thursday. The firm prices in global markets triggered hectic buying in the domestic markets on Friday.
Besides stockists and investors who stepped up their position further in the wake of a steep rise in global prices, retail buyers were present in the market despite high prices, a Mumbai-based bullion dealer said. Domestic silver also bounced back on stockists and speculative buying and closed with a handsome gains.
Turning to gold, Mumbai gained the most where standard gold soared to Rs 9,210, up Rs 140 per 10 gm over the previous close. Thus the metal had gained Rs 270 in just three straight sessions. The metal recorded a fresh gain of Rs 125 per 10 gm at Rs 9,225 in Chennai followed by a gain of Rs 120 per 10 gm at Rs 9,335 in Kolkata.
In Delhi, the precious metal surged by Rs 100 per 10 gm before finishing the business at Rs 9,300, a level was last seen on April 25 this year. In similar fashion, silver ready (.999) shot up by Rs 300 at Rs 17,200 a kg in Delhi. In Mumbai, silver traded Rs 265 higher at Rs 17,470 followed by a gain of Rs 225 per kg at Rs 17,125 in Chennai. The metal surged by Rs 200 at Rs 17,100 per kg in Kolkata.
Analysts said tension in West Asia and sustained support from stockists and investors pushed gold prices in the European and US markets. “The latest rally is due to the surprise drop in US job data,” said a bullion analyst.
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