Gold hits three-month high as silver eases
New Delhi-India (Aug 22) Gold hit over three-month highs to reclaim the 27,000-level at the domestic bullion market here today on steady demand from investors and stockists, well supported by a surge in international markets.
While, silver witnessed a bouts of speculative profit-booking at higher levels to move back to 36,000-level after its two day surge.
Standard gold (99.5 purity) gained by Rs 230 to end at Rs 27,075 per 10 grams (the rate not seen since May 25) as against Friday’s closing level of Rs 26,845.
Pure gold (99.9 purity) also rallied by a similar margin of Rs 230 to conclude at Rs 27,225 per 10 grams as against Rs 26,995 previously.
However, silver (.999 fineness) declined by Rs 55 to finish at Rs 36,980 compared with Rs 37,035 yesterday.
On the global front, in New York, gold ended more than six-week high in late overnight trade and scored biggest weekly gain since January as slump in equities and drop in the US dollar buoyed the metals appeal.
Gold futures for December delivery rose USD 6.40 to close at USD 1,159.60 an ounce. While September silver shed 21.6 cents to USD 15.301 an ounce.