Business Market 24 Jun 2016 Gold tops Rs 32,000, ...

Gold tops Rs 32,000, zooms Rs 1,944 on Brexit

PTI
Published Jun 24, 2016, 12:16 pm IST
Updated Jun 24, 2016, 12:16 pm IST
Gold climbed 8.1 per cent to USD 1,358.54 an ounce in London, the highest level since March 2014.
Market analysts attributed rise in gold prices at futures trade to sliding rupee which tumbled to a low of Rs 68.21 (intra-day) by plunging 96 paise, making dollar-quoted precious metal expensive.
 Market analysts attributed rise in gold prices at futures trade to sliding rupee which tumbled to a low of Rs 68.21 (intra-day) by plunging 96 paise, making dollar-quoted precious metal expensive.

New Delhi: Gold prices breached the Rs 32,000 per 10 gram mark by climbing Rs 1,944 per 10 gram in futures trade on June 24 amid a firm global trend as the rupee breached the 68-mark against the dollar.

At the Multi Commodity Exchange, gold for delivery in far-month October went up by Rs 1,941 or 6.45 per cent to trade at Rs 32,103 per 10 gram in a business turnover 544 lots.

 

Similarly, the yellow metal for delivery in August surged by Rs 1,935 or 6.47 per cent to Rs 31,849 per 10 gm in 7,153 lots. Market analysts attributed rise in gold prices at futures trade to sliding rupee which tumbled to a low of Rs 68.21 (intra-day) by plunging 96 paise, making dollar-quoted precious metal expensive.

Besides, a firming trend in global markets where gold surged to the highest level in more than two years in a frantic global hunt for haven assets as Britain’s voters were projected to back leaving the European Union after a historic poll, supported the upside, they added.

 

Demand for safe haven assets like gold soared as the Britain's pound plummeted to its lowest level in more than three decades after Brexit vote, pulling down financial markets globally. Meanwhile, gold climbed 8.1 per cent to USD 1,358.54 an ounce in London, the highest level since March 2014. The rally was the biggest daily jump since 2008.  

...
Location: India, Delhi, New Delhi




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
-->