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Gold surges to 52-week high

This article was posted on Jul 17, 2009 and is filed under Press Releases

Extending gains for the fifth day in a row, gold prices surged to a 52-week high in New Delhi to Rs 15,000 per 10 gm on aggressive buying by funds in line with the overseas trend.Gold prices added Rs 130 to Rs 15,040 per 10 gm, a level last seen on April 2, as stockists and jewellery makers created fresh positions ahead of the festival season.

In the last five days, the precious metal has gained Rs 340 per 10 gm on sustained buying by stockists and jewellers.

A similar trend was noticed in silver as coin and jewellery manufacturers indulged in buying on fear that the metal might rise further .

Silver ready rose by Rs 250 to Rs 22,050 a kg and weekly-based delivery by Rs 320 to Rs 21,920 a kg. The metal managed to gain Rs 750 a kg. Silver coins rose by Rs 200 to Rs 29,300 per 100 pieces for buying and Rs 29,400 for selling. Standard gold and ornaments spurted Rs 130 each to Rs 15,040 and Rs 14,890 per 10 gm, respectively. Sovereign moved up by Rs 50 to Rs 12,450 per piece of 8 gm. In Mumbai, standard gold (99.5 purity) shot up by Rs 80 per 10 gm to Rs 14,825 from yesterday’s close of Rs 14,745. London gold steadies as dollar slips
Reuters adds: Gold pared losses on Thursday as the euro hit session highs against the dollar, with a rise in European equities after strong earnings from JPMorgan boosting appetite for currencies seen as higher risk.

Spot gold was bid at $938.05 an ounce at 1103 GMT, against $938.45 an ounce late in New York on Wednesday. Earlier it touched a low of $934.30. Physical demand for gold was still tepid, keeping a lid on gains. Gold prices in India were supported by the weak rupee, but buyers stayed away during a seasonally weak period for sales.

Oil dips below $61
Oil dipped below $61 a barrel on Thursday after gaining more than 3 per cent in the previous session, as investors remained cautious about the pace of economic recovery despite strong growth numbers from China.

US oil for August delivery eased 56 cents to $60.98 a barrel by 1153 GMT, after gaining 3.4 per cent on Wednesday. London Brent crude slipped 59 cents to $62.50 on Thursday. Oil’s gain came after the US Energy Information Administration said commercial crude oil stocks fell 2.8 million barrels last week, against market expectations of a 1.6 million barrel fall.

source: Business-Standard

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