Gold up Rs 535 on global cues, silver gains Rs 1,770

28/01/2012 04:50 AST

Gold surged by Rs 535 to Rs 28,305 per 10g on Friday on frantic buying by stockists and jewellers for the marriage season, amid a sharp rally in global markets.

Silver followed suit and spurted by Rs 1,770 to Rs 56,970 a kg on increased offtake by industrial units and coins manufacturers.

The Trading sentiment for gold bolstered as it rose to a seven-week high in global markets as the US Fed keeping the borrowing costs low drove the dollar down, increasing demand for bullion as alternative assets.

Fed policymakers said they probably would keep key US interest rate targets near zero until at least 2014. Fed Chairman Ben Bernanke said the central bank was ready to offer additional economic stimulus. The news cheered gold investors, who have long feared that the precious metal's rally would be stressed by a US rate hike, which would lift both the dollar and the opportunity cost of holding non-interest bearing bullion.

For more on this Click Here


Business Standard

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941

Precious Metal Quotes

(In US Dollar) Change Change(%)
Gold 1,332.2 -8.6 -0.64
Silver 16.4 -0.21 -1.23
Platinum 923 -9 -0.97
Palladium 929 -3 -0.32

Recent News

Gold gains as dollar dips, US-China trade tensions escalate

05/04/2018

Gold rose nearly 1 per cent on Wednesday as the dollar dipped and share markets faltered after China retaliated in kind to a US move to slap tariffs on $50 billion (Dh183.5 billion) worth of its impo

Gulf News

Gold forges best run since 2011 as stars align for bullion bulls

01/04/2018

Gold bulls are finding 2018 offers plenty of reasons to be cheerful. Bullion’s wrapping up a third quarterly gain, a feat not seen since 2011, and exchange-traded fund holdings are near the highest

Gulf News

Gold steadies after hitting two-week high

23/03/2018

Gold steadied on Thursday below a two-week high hit in the previous session as the dollar slid after the US Federal Reserve showed a less hawkish stance on rates than expected.

The Fed ra

The Gulf Today

Aluminium hits 3-month low as stocks ramp up, tariffs loom

16/03/2018

Aluminium slid to a three-month low on Thursday, hurt by a rise in stocks, the prospect of looming US import tariffs, and expectations that supply from China will rise as its winter pollution control

Gulf News

Gold edges lower, seen vulnerable ahead of U.S. inflation data

14/03/2018

Gold slipped on Tuesday, pressured by a firmer dollar and concern that US inflation data later in the day will be robust, strengthening the case for more US interest rate hikes.

Analysts po

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap