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Gold price surges further on sliding Indian rupee,silver seven month high

Pure gold of 99.9 per cent purity hardened by Rs 700 to finish at Rs 33,430 per 10 gm from Rs 32,730.

Written by PTI | Mumbai |
August 28, 2013 7:41:48 pm

Gold prices continued to soar at the domestic bullion market today to notch up another all-time record high of Rs 33,265 per 10 grams amid stockists and investor off-take on the back of uninterrupted slide in Indian rupee,supply restriction as well as higher overseas cues.

Silver also marched ahead to a seven-month high to revisit Rs 59,000-per kg level following heavy speculative demand.

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The successive Indian rupee depreciation in two days resulted in nearly five per cent gain in gold and nine per cent in silver.

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The rupee today tumbled further to a historic low of Rs 68.80 against the US currency.

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Standard gold of 99.5 per cent purity strengthened by Rs 680 to close at Rs 33,265 per 10 gm from Tuesday’s closing level of Rs 32,585.

Pure gold of 99.9 per cent purity hardened by Rs 700 to finish at Rs 33,430 per 10 gm from Rs 32,730.

Silver ready (.999 fineness) spurted by a massive Rs 2,800 to end at Rs 59,470 per kg as against Rs 56,670 previously.

“Unprecedented government gold import curbs coupled with supply hitch and currency fall continue to weigh the yellow metal,” a dealer said.

Globally,gold rallied to a 3-1/2 months high on investor off-take amid rising tension over Syria triggering safe-haven appeal.

Spot gold was bid higher at US 1,424.71 an ounce in early trade,while silver was bid up at USD 25.08 an ounce.

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