Gold prices zoomed by a whopping Rs 700 to Rs 13,100 per 10 gram in the national capital on 22nd Nov, second such surge in less than a month on mounting economic uncertainties and a strong physical buying support on account of the ongoing wedding season.The precious metal recorded a heavy gain in a month after a rise of Rs 660 on October 25. Buying activity also picked up after the precious metal in New York spurted to $802.70 an ounce, recording a rise of over $60 in a day, traders said.
The gold became a safe haven after investor confidence was shaken as shares of Citigroup, the second-largest US bank by assets, tumbled for a fifth straight day.Falling equity markets also pushed the gold prices as some investors shifted their funds from melting stock markets to rising gold, as considered it a safe hedge. While the Bombay Stock Exchange index suffered a loss of 25 per cent in the last seven days, the US stocks on Wall Street slid to 11-year lows. Silver also firmed up on emergence of buying by stockists and commodity.
Investors, as it recorded a gain of 6.9 per cent to $9.57 a ounce in the US markets on Nov 21. Standard gold and ornaments shot up by Rs 700 each to Rs 13,100 and Rs 12,950 per 10 gram, respectively. Sovereign also rose by Rs 75 to Rs 10,550 per piece of eight gram. Silver ready spurted by Rs 450 to Rs 16,700 per kg and weekly-based delivery by Rs 595 to Rs 16,545 per kg. Silver coins were higher by Rs 100 to Rs 26,500 for buying and Rs 26,600 for selling of 100 pieces.
The gold became a safe haven after investor confidence was shaken as shares of Citigroup, the second-largest US bank by assets, tumbled for a fifth straight day.Falling equity markets also pushed the gold prices as some investors shifted their funds from melting stock markets to rising gold, as considered it a safe hedge. While the Bombay Stock Exchange index suffered a loss of 25 per cent in the last seven days, the US stocks on Wall Street slid to 11-year lows. Silver also firmed up on emergence of buying by stockists and commodity.
Investors, as it recorded a gain of 6.9 per cent to $9.57 a ounce in the US markets on Nov 21. Standard gold and ornaments shot up by Rs 700 each to Rs 13,100 and Rs 12,950 per 10 gram, respectively. Sovereign also rose by Rs 75 to Rs 10,550 per piece of eight gram. Silver ready spurted by Rs 450 to Rs 16,700 per kg and weekly-based delivery by Rs 595 to Rs 16,545 per kg. Silver coins were higher by Rs 100 to Rs 26,500 for buying and Rs 26,600 for selling of 100 pieces.
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