The yellow metal is glittering as never before. Gold prices ended at a four-month high of Rs 13,325 towards the fag-end of the week on fresh stockists buying in view of rising inflation figure and soaring gold prices in global market. Silver also recovered on fresh industrial demand after initial losses during the week.
Standard gold (99.5 purity) rose by Rs 325 per 10 grams to Rs 13,325 from the last weekend’s level of Rs 13,000. Pure gold (99.9 purity) also shot up by Rs 330 per 10 grams to Rs 13,390 from Rs 13,060. Silver ready (.999 fineness) jumped by Rs 560 per kilo to Rs 25,625 from Rs 25,065.
“Rising inflation, which touched a new high of 11.89 per cent for the week ended June 28, and bearish equity markets boosted gold prices as investors once again turned their attention to the yellow metal as safe-haven buying,” said a dealer. However, dealers said demand has not risen on the same lines with high prices keeping potential buyers away.
Oil prices jumped to a record high above $147 a barrel, fueling gains in gold. Fears of unrest in Nigeria and a looming strike of Brazilian oil workers also buoyed oil prices. Gold also rose, as the precious metal often is bought as a hedge against oil-led inflation.
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