Aug 27, 2008, 05.51PM IST
Original Source: The Times of India

Gold regains 12,000 level on firm global trends

NEW DELHI: Gold prices on Wednesday rose by Rs 70 to breach the psychological Rs 12,000 level on the bullion market on heavy buying triggered by firm global trends.

The precious metal added Rs 70 to close at Rs 12,030 per 10 grams, while silver jumped by Rs 180 to settle at Rs 20,930 per kg on increased demand.

Buying activity picked up as gold firmed up in global markets, marketmen said.

The precious metals rose for the second day in Asia as the dollar declined from a six-month high against the euro and crude oil advanced, boosting the appeal of the metal as an alternative asset.

Buying by stockists at existing lower levels to meet the demand during marriage and festival season also supported upward trend, traders said.

Standard gold and ornaments climbed by Rs 70 each to Rs 12,030 and Rs 11,880 per 10 gram respectively, the levels last seen on August 22. Sovereign, however, held steady at Rs 9,900 per piece of eight gram.

Silver ready shot up by Rs 180 to Rs 20,930 per kg and weekly-based delivery by Rs 75 to Rs 20,275 per kg on buying by industrial units and jewellery fabricators.

On the other hand, silver coins traded around previous level of Rs 27,900 for buying and Rs 28,000 for selling of 100 pieces.

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