Gold crosses Rs 17,000

Gold crosses Rs 17,000

New Delhi, Nov. 12: Gold prices on Thursday crossed the crucial Rs 17,000 per 10 gram level in the bullion market here, buttressed by frantic buying by jewellers for the ongoing marriage season amid a firming global trend.Gold spurted by Rs 170 to Rs 17,150 per 10 gram and silver by Rs 220 to Rs 27,720 per kg here.The yellow metal, which had been on an upward march ever since the Reserve Bank of India purchased 200 tonnes of gold from the International Monetary Fund early this month, got a boost from the firming trend in the global markets, marketmen said.In the international markets, however, gold fell by 0.5 per cent to $1,112.25 an ounce from its record high levels here as a firming dollar eroded demand for the metal as an alternate investment option.Gold and dollar usually move in opposite direction. A rise in dollar makes it a better option for investment than gold.Analysts said that the five-day rally in yellow metal was overdone.Gold, which climbed to an all-time high of $1,123.40 an ounce in early trade, fell in London by 0.5 per cent to $1,112.25. On January 1, gold was trading at Rs 13,650 per 10 gram. It covered a price range of Rs 3,350 in over 11 months with the last Rs 1,000 being covered in just 15 days.Standard gold and ornaments surged further by Rs 170 each to set an all-time high level of Rs 17,150 and Rs 17,000 per 10 gram, respectively.

POSTED BY:-

SHUBHAM AGARWAL

PGDM:-3rd SEM