Gold Rates scale higher, cross the Rs 28,000 mark

Photo: Photo: P.V. Sivakumar/ The Hindu

Gold has crossed its Rs 28,000 mark first in five months. The reason for this sudden increase would be the ongoing festive and wedding season. Following the foots of its peer, silver too, mounted and raised to Rs 40,0000- the highest in more than five months.

The standard gold (99.5 purity) rose by Rs 220 to nail at Rs 28,160 per 10 grams from Tuesday’s closing level of Rs 27,940 in Mumbai Bullion market.

Silver, (0.999 fineness) breaking off its ascent by Rs 630, concluded at Rs 40,390 per kg against Rs 39,760 yesterday. In the global trade too, this Aurelian metal rose to 1,300 and for the very first time since August.

On the other hand, spot gold was comparatively higher at $1300.75 – an ounce in the Early European trade, while the Argentinean metal 18.23 an ounce.

“Worries about political instability because of falling oil prices and attempts to induce inflation are helping gold. Some of my investors are moving to gold.” Said a market strategist based in Newark.

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About Sanika Govekar

An avid reader with a love for English, an achiever; she has a burning desire to succeed. She wants to make a difference to the society and strongly believes that self-discipline and a monumental work ethic can beat natural ability. Aim to Major in Economics.