Gold touches Rs 13k on strong global cues

Standard gold and ornaments remained in keen demand and gained Rs 45 each to Rs 13,025 and Rs 12,875 per 10 gm respectively. Sovereign, however, remained flat at Rs 10,100 per piece of eight grams.

Trading activity in gold picked up after reports that the crude oil rose to new high levels near $144 a barrel amid concerns over rising domestic inflation, marketmen said.

 

Weakening dollar and tension in the Middle East over Iran's nuclear programme also boosted the gold demand as safe haven, they added.

They said some of the funds were shifting from melting stock markets to surging bullion, considering it to be a safe haven.

In global market, gold gained $4.05 to $929.45 an ounce. Gold traded as high as $935.28 an ounce yesterday, the highest since May 22.

On the other hand, silver ready lacked necessary buying support and lost Rs 50 to Rs 24,600 per kg.

In the Mumbai bullion market, standard gold traded at Rs 12,965 per 10 gm, up from Rs 12,945 yesterday. Pure gold rose from Rs 13,010 to Rs 13,025.

Silver closed at Rs 24,750, Rs 15 up from yesterday's Rs 24,735 per kg.