Gold climbs further to Rs31,470 per 10 gm
17 Aug 2013
Gold prices today surged further by Rs640 to Rs31,470 per ten gram in Mumbai on sustained buying by stockists and investors as the rupee plunged to record lows below 62 to a dollar.
The spike comes on top of a record Rs1,175 increase in the price of standard gold of 99.5 per cent purity, which pushed the precious metal to levels around Rs30,695 per 10 gram on Friday.
Gold's rally was sparked by fears that the falling rupee would make the dollar-denominated precious metal costlier as the rupee continued to fall.
Also, the government raised import duty on precious metals, making imports costlier amidst a spike in overseas prices as well.
Market sentiment was further influenced as investors rushed to bullion as a safe haven.
Supplies were also restricted after the government increased the import duty on the metal to 10 per cent on 13 August.
Silver prices also shot up further by Rs1,505 to Rs51,485 per kg on increased demand from industrial units and coin makers.
In Delhi, gold of 99.9 and 99.5 per cent purity advanced by Rs515 each to Rs31,525 and Rs31,325, respectively, per ten gram.
Sovereign climbed by Rs200 to Rs24,900 per piece of eight grams.
Silver ready gained Rs1,365 at Rs50,685 per kg and weekly delivery metal increased by Rs1,315 to Rs50,535 per kg. The metal had added Rs3,270 in the previous session.
