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India spot gold rises 1.7 percent on global cues amid strong domestic demand
Posted by Yogesh on Wednesday, 27 August, 2008
MUMNBAI (Thomson Financial) – India spot gold prices closed 1.7 percent higher on Wednesday, tracking global cues and amid strong physical buying support in domestic market.
Gold prices rose in Europe too, tracking gains in oil, as the dollar retreated from the six-month high it hit Wednesday. Traders are awaiting a spate of U.S. and European economic data due out later in the day for its impact on the currency markets, and consequently on gold. The U.S. will also release its weekly oil inventory report, which could impact crude.
“Even though yellow metal prices have gone up, people are buying at these levels, thinking that prices might go up further,” said a treasury official at Union Bank of India.
In Mumbai, gold of 0.995 purity closed 200 rupees higher at 11,895 rupees per 10 grams, and gold of 0.999 purity closed 205 rupees higher at 11,970 rupees per 10 grams.
Silver of 0.999 purity closed 295 rupees higher at 21,160 rupees per kilogram.
Source CNBC
Commodities » India spot gold rises 1.7 percent on global cues amid strong domestic demand said
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