Price of Gold Continues to Surge

18 August 2011 - Which Way to Pay

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Price of Gold Continues to Surge

Gold has reached an all-time high of Rs 26,840 per 10 grams today reflecting the fact that it remains a safe haven in volatile markets. Sustained purchase of gold worldwide has been seen by investors and stockists resulting in the increase in value.

Gold of 99.9% and 99.5% purity advanced from Rs 160 each to Rs 26,840 and Rs 26,720 per 10 grams respectively. As such, over the last two trading sessions, gold has gained Rs 580 per 10 grams. In overseas markets the pattern was similar with gold advancing for the fourth consecutive day to USD 1,795.85 an ounce.

Other precious metals like silver have also moved up the price charts in speculative purchase moves supported by the increased off take from industrial units. The price of silver is now Rs 61,300 per kg, marking a rise of Rs 600 from last week where the weekly-based delivery added Rs 725 to Rs 60,770 per kg. Unsurprisingly silver coins followed suit and surged by Rs 1,500 to Rs 68,500 for buying and for selling of 100 pieces by Rs 69,500. Overall, sovereigns gained Rs 200 to reach a new peak of Rs 21,300 per piece of eight grams.

The buying of silver reflects conservative moves in the current bullish trading environment. As such, market analysts have commented that investors will and have sought to protect their wealth against the possibility of a global slowdown amid deepening debt crisis in the US and Europe. In addition, investors are conscious that the market could shift due to the rise in gold prices causing melting of the equity; as such the rising bullion will further influence trading sentiment.

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