Business Market 09 Nov 2016 Gold regains Rs 31k- ...

Gold regains Rs 31k-mark on renewed demand, silver tops Rs 45k

PTI
Published Nov 9, 2016, 6:51 pm IST
Updated Nov 9, 2016, 6:52 pm IST
Surge in global cues amid Donald Trump's victory in US presidential election draged the yellow metal up.
Offtake from investors also helped the gold trade.
 Offtake from investors also helped the gold trade.

Mumbai: Gold reclaimed the Rs 31,000-markat the domestic bullion market here today following fresh offtake from investors and stockists driven on black money crackdown and surge in global cues amid Donald Trump's victory in US presidential election.

Elsewhere, silver reclaimed the Rs 45,000 mark by surging Rs 1,390 per kg on heavy speculative rally. Globally, gold prices jumped nearly 5 per cent as US Republican nominee Donald Trump prevailed over Democrat Hillary Clinton in the race for the White House, prompting a dive in stocks and the dollar as investors bolted for safety.

 

Standard gold (99.5 purity) spurted by Rs 815 to end at Rs 31,145 per 10 grams from Tuesday's level of Rs 30,330. The level has not been seen since September 20, 2016. Pure gold (99.9 purity) also climbed by a similar margin to close at Rs 31,295 per 10 grams as compared to Rs 30,480 earlier.

Silver (.999 fineness) zoomed up by Rs 1,390 to finish at Rs 45,370 from Rs 43,980 yesterday. The level has not been seen since September 12, 2016. London spot gold vaulted to a six-week high of USD 1,337.40 an ounce, up nearly 5 per cent, and was at USD 1,300.80 in early European trade.

US gold futures for December delivery were up USD 26.90 an ounce at USD 1,301.40, having peaked at USD 1,338.30. Spot silver was at USD 18.65 an ounce, up 1.6 per cent, having risen to its highest since Oct 3 at USD 18.996 an ounce.

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