Millennium Post

Amid the gloom, gold glitters to record high of Rs32,585 per 10 gm

The vulnerable rupee spiralled gold prices to hit historic high of Rs 32,585 per ten grams at the domestic bullion market on Tuesday on stockists’ and investors’ off-take amid supply constraints due to government curbs as well as supported by bullish global cues. Silver also soared to near six month high to retrace Rs 56K-per kg level, owing to heavy speculative off-take.

The rupee fell to a historic low amid concerns over the passing of Food Security Bill in Lok Sabha on Monday and sharp fall in local equities to a massive 194 paise to log Rs 66.24 per dollar. Standard gold of 99.5 per cent purity, spurted by Rs 820 to end at Rs 32,585 per 10 gm from Monday’s closing level of Rs 31,765. Pure gold of 99.9 per cent purity shot-up by Rs 810 to conclude at Rs 32,730 per 10 gm from Rs 31,920. Silver ready (.999 fineness) jumped by a hefty Rs 1,940 to finish at Rs 56,670 per kg as compared to Rs 54,730 on Monday.

‘Rupee depreciating to a historic low along with supply problems led the surge in gold,’ dealer said.

Overseas, gold hit a 11-week high on safe-haven buying as West edged towards possible military action against Syria and hope over lengthened US monetary stimulus.
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