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| Gold surges for ninth day in a row; closes in crucial 19K level |
| Press Trust of India / New Delhi Aug 20, 2010, 15:59 IST |
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Gold prices today rose by Rs 35 to settle near the crucial 19,000 level in bullion market here on steady buying by jewellers to meet festive season demand amid firming global trends.
Extending gains for the ninth straight session, gold settled at Rs 18,985 per 10 gram, higher by Rs 35 over the previous close.
Sustained buying by stockists and jewellers in the last nine trading sessions brought the gold prices near to a psychological level last seen on July 1. A firming trend in overseas markets also influenced the uptrend.
The gold in overseas markets, which normally set the price trend on the domestic front, traded 35 cent higher at $1,232.50 an ounce. The price jumped to 1,237.50 yesterday after US jobless claims climbed.
On the domestic front, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs 35 each to Rs 18,985 and Rs 18,885 per ten gram respectively. Sovereigns continued to trade around previous levels of 14,800 per piece of eight grams in limited deals.
On the other hand, silver ready fell further by Rs 100 to Rs 29,600 per kg and weekly-based delivery by Rs 130 to Rs 29,185 per kg, silver coins remained steady at Rs 34,500 for buying and Rs 34,600 for selling of 100 pieces.
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