Millennium Post

Gold shines Rs 465 to 1-mth high of Rs 26,905 per 10 gm

Gold prices surged to one-month high on the domestic bullion market on Wednesday due to frantic buying by jewellery stockists and traders amidst strong seasonal offtake. Elsewhere, silver also shot up to reclaim the key Rs 38,000-level following heavy speculative buyout as well as industrial demand.

A sharp rally in precious metals worldwide trade predominantly energised the domestic market sentiment along with depreciating rupee value against the dollar in the backdrop of ongoing wedding season, a bullion trader said.

Globally, the shiny metal zoomed to its highest level in seven weeks on massive short-covering rally as heightened political uncertainty in Greece and lower oil prices boosted the metals' safe-haven appeal. Standard gold (99.5 purity) jumped by Rs 465 to conclude at Rs 26,905 per 10 grams from Tuesday's closing level of Rs 26,440. Silver (.999 fineness) skyrocketed by Rs 1,300 to finish at Rs 38,550 per kg compared to Rs 37,250 on Tuesday.

Jewellery scrips glitter by up to 9%

Shares of jewellery makers surged as much as 9 per cent on Wednesday amid reports that the government may announce changes to gold-import rules for certain category of trading houses. Gitanjali Gems’s stock surged 8.83 per cent, while Shree Ganesh Jewellery House soared 8.21 per cent on the BSE. Among others, shares of Tribhovandas Bhimji Zaveri rose by 4.17 per cent, while Titan Company climbed 3.99 per cent.

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