MUMBAI: On A day when stock markets snapped its 8-day long winning streak, gold bounced back across the board on Wednesday and soared to over three-month high of Rs 9,040 per 10 gm. However, the day was belonged to stockists as they turned active buyers in expectation of good festive demand.
A firm trend in international markets also influenced the buying sentiment to some extent. In New York, December gold rose $9.60 to $691.50 an ounce on Tuesday, which triggered fresh buying spree in the domestic market, dealers said.
According to market grapevine, gold prices are expected to remain at the upper circuit in next couple of days, with the speculation of a Fed rate cut gaining more ground. A rising crude oil prices and sliding dollar would have again repose faith on gold as alternative route of investment, analysts said. According to sources, some investors took profits from equities at the higher levels and shifted funds to bullion market.
Domestic silver also registered a positive trend as industrial users and jewellery fabricators returned to market.
Back home, Delhi glittered the most where standard gold (99.5) soared to Rs 9,170, revealing a whopping gain of Rs 120 per 10 gm over the previous close. In Mumbai, the precious metal rose by Rs 100 per 10 gm at Rs 9,040, a level not seen since May 12 this year when the metal was quoted at Rs 9,010.
The metal posted a gain of Rs 95 at Rs 9,075 per 10 gm in Chennai and in Kolkata it rose by Rs 90 per 10 gm before finishing the business at Rs 9,190. In silver, ready silver (.999) gained the most in Delhi where the metal traded Rs 250 per kg higher at Rs 17,000. In Mumbai, the metal rose by Rs 230 at Rs 17,215 followed by a gain of Rs 200 at Rs 16,900 per kg in Kolkata. In a similar fashion, the metal ended Rs 175 higher at Rs 16,925 per kg in Chennai.
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