Gold prices rose
to the highest in 28 years as a falling US dollar lifted its safe-haven appeal.
Other precious metals also rose aided by speculative purchases.
steep rise in overseas prices buoyed Indian gold to a six-month high of Rs9,610,
up Rs100 from the previous day. A week dollar also aided sentiment in the domestic
London, spot gold rose as high as $739 an ounce, its highest since January 1980,
on short-covering and technical buying. It later dipped to $737.15/737.85 an ounce,
still higher than the $734.20/735.00 New York close the previous day.
hit its highest level since early May and palladium touched a five-week high.
rose to $1,338/1,343 an ounce from $1,323.40/1,330.40 in late New York. It hit
an intra-day high of $1,340 on Friday - its highest since early May.
rose to $13.57/13.62 an ounce from the $13.36/13.41 New York close the previous
day, having risen as high as $13.63 an ounce - its best level since early June.
rose to $339 an ounce, its highest since 16 August, before dipping to $338/343
an ounce, still higher than $336.40/340.40 in New York.
hit a historic high of $850 in January 1980 amidst a host of factors like strong
oil prices, Soviet intervention in Afghanistan prompted investors to stock the
booked profits on a rally that has added more than $90 an ounce to the price of
gold in a little over a month.
say gold''s fundamentals look strong, with gold miners globally reducing their
United States has cut interest rates and consumption in main buyer India expected
to reach more than 1,000 tonnes this year, they point out.
demand for gold reached 715.5 tonnes in 2006, the World Gold Council said.
greenback hit a 31-year low against the Canadian dollar and edged near a record
low against the euro as investors dumped the US currency after the Federal Reserve
cut base lending rate by 50 basis points earlier this week.
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