Thursday, September 06, 2012

Gold Crossed 32,000 mark

Today Gold crossed 32,000 mark for the first time driven by good guying by stockists on strong marriage season demand. Gold gained Rs 320 to Rs 32,300/10gms and has gained Rs 1,555/10gms in last two weeks. MCX GOLD TIPS. Experts believes that trading sentiments helped a lot in increasing gold prices as in international markets gold prices rose on speculation that European central bank will announce unlimited purchase of government bonds to dim euro-zone debt crisis. Experts believes that in coming days gold is likely to touch new heights in coming marriage season. Due to firm global trend and weak rupee is making gold costlier, Experts says. As India is mainly dependent on imports for precious metals so global bullion trend sets prices in Indian domestic market. In London gold prices rose by 0.95 percent to 1,709.70 an ounce and Silver by 1.8 percent. In domestic markets Silver gained 1,100 to 61,100/kg on rising demands in industrial units and coin makers.
American banks are expecting that gold is going to reach all time high of $2000 by the end of this year. December gold last traded down $2.20 at $1,693.80 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold was last quoted down $4.60 an ounce at $1,692.00. December Comex silver last traded down $0.176 at $32.235 an ounce.