Millennium Post

Gold surges by Rs 395 to Rs27,720 per 10 gm on RBI steps

Mumbai:  Gold prices surged further at the bullion market on Tuesday on higher off-take by stockists and investors amid tough import provisions imposed by the apex bank propelling the rally.

Silver also climbed to hit the one-month high to retrace 42,000 per kg on high speculative buying as well as industrial demand.
The Reserve Bank of India on Monday set fresh notification to tighten gold imports to check widening CAD.The rule, were the banks or authorised agencies should assure 20 per cent of imported gold made available for exports which in-turn make the yellow-metal costlier.

Standard gold of 99.5 per cent purity advanced by Rs 395 to close at Rs 27,720 per 10 gm from Monday’s closing level of Rs 27,325. Pure gold of 99.9 per cent purity soared by a similar margin to finish at Rs 27,860 per 10 gm from Rs 27,465. Silver ready (.999 fineness) rose by Rs 565 to end at Rs 42,450 per kg as against Rs 41,885 on Monday.
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