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Market Eye
| Strong global rally helps gold scale 13k | 18/12/2008 10:38:35 | MUMBAI: Gold prices hardened further in the domestic market on Wednesday on the
back of a strong global rally. In Mumbai, prices of standard
and pure gold scaled Rs
13,000 per 10 gm to touch Rs 13,090 and Rs 13,150 per 10 gm, respectively. The metal was last seen above Rs 13,000-mark on December 1 when prices stettled at Rs 13,010 per 10 gm in Mumbai bullion market.
However, higher prices kept retail buyers away from the shop despite ongoing marriage season, a bullion merchant said in Mumbai.
But it is not the domestic demand that is driving prices now. Bullion dealers said the firm international prices, which is a combined result of the US economic recession and a slide in dollar value against the euro, are the main reason for the rally in gold market.
In international markets, yellow metal gained more than 1% on Wednesday on dollar weakness in the wake of the US Federal Reserve’s decision to slash interest rates to between zero and 0.25%.
In Kolkata, the yellow metal rose by Rs 145 to Rs 13,270 per 10 gm. While in Delhi it rose by Rs 20 to touch Rs 13,110 per 10 gm, it scaled Rs 13,000 per 10 gm in Chennai.
In London, spot gold rose to $871.30/873.30 an ounce, a two-month high, up from $857.35 on Tuesday in New York. Meanwhile, US gold futures for February delivery too became dearer by $32.50 at $875.20 an ounce. | Market
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