Gold surges most in 2 yrs; up Rs 1,310 as Re, stocks tumble

Gold on Friday surged by Rs 1,310 per 10 gram here, the highest in two years, to Rs 31,010 on strong demand from stockists ahead of festive season.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Travelcafe
moneycontrol.com

Home » News » Commodities

Aug 16, 2013, 09.08 PM | Source: PTI

Gold surges most in 2 yrs; up Rs 1,310 as Re, stocks tumble

Gold on Friday surged by Rs 1,310 per 10 gram here, the highest in two years, to Rs 31,010 on strong demand from stockists ahead of festive season.

Like this story, share it with millions of investors on M3

Gold surges most in 2 yrs; up Rs 1,310 as Re, stocks tumble

Gold on Friday surged by Rs 1,310 per 10 gram here, the highest in two years, to Rs 31,010 on strong demand from stockists ahead of festive season.

Post Your Comments

Share Cancel

Gold on Friday surged by Rs 1,310 per 10 gram here, the highest in two years, to Rs 31,010 on strong demand from stockists ahead of festive season, after the government increased import duty on the metal to 10 percent.
    
A sharp fall in Sensex and rupee against dollar and strong global cues also contributed to the upsurge in gold price, which posted the biggest single-day gain after August 19, 2011. Interestingly, the metal had shot up by Rs 1,310 on August 19, 2011 too.

Also read: Why RBI curbs are a downer for India Inc and investors
    
Gold has regained Rs 31,000 level after a gap of six months. An all-time high was Rs 32,975 per 10 gram on November 27, 2012, in Delhi bullion market.
    
Silver followed suit and spurted by Rs 3,270 to Rs 49,320 per kg, its biggest single day gain this year on rising demand from industrial units and coin makers.

Bullion traders attributed the sharp jump in gold prices to fear of tight supply following government's decision to hike import duty of silver and gold to narrow current account deficit (CAD).
    
The buying sentiment got bolstered as rupee hit record low of 62 against the US currency, making the dollar-denominated metal costlier.
    
Seeking to reduce gold imports, RBI also prohibited inward shipment of gold coins, medallions and dores without licence.
    
"Gold is back in demand as falling rupee and melting equities leaving no place for investor to park their funds," All India Sarafa Bazar vice president Surender Jain said.
    
He said a firming trend in overseas markets also supporting the bullion where as market hardly witness any physical buying.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Gold surges most in 2 yrs; up Rs 1,310 as Re, stocks tumble

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login