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Gold rises, silver crosses 29-K level

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    • Agencies Tags : Standard gold Posted: Saturday , Nov 21, 2009 at 1701 hrs Mumbai:
    Gold
    Gold prices sky-rocketed to yet another historic peak in the bullion market.
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    Gold prices sky-rocketed to yet another historic peak in the bullion market, sparked by frantic buying spree from stockists and traders amid supportive overseas cues.

    Silver too conquered another milestone by crossing over the psychological Rs 29-K level on intense industrial buying.

    The white metal achieved the Rs 29,000 mark from Rs 28,000 in short span of just five straight trading session.

    Standard gold (99.5 purity) strengthened by Rs 160 per 10 grams to close at Rs 17,455 from overnight closing level of Rs 17,295.

    Pure gold (99.9 purity) also rose by a similar margin to end at Rs 17,540 per 10 grams as against Rs 17,380 yesterday.

    Silver ready (.999 fineness) spurted by Rs 335 per kg to finish at Rs 29,190 from yesterday's closing level of Rs 28,855.

    In the International market, gold futures rose on Friday in New York for a sixth straight session to a new record high.

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    Gold for December delivery firmed up by USD 4.90 to conclude at USD 1,146.80 an ounce.

    However, December silver fell slightly to USD 18.44 an ounce.

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    Individual InvestorBy: SB | 23-Nov-2009 Reply | Forward Gold will continue to rise as long as the Federal Reserve leaves the short term interest rate at .25%. I do not believe that raising that rate to 2% over a 6 month period will stifle the US economic recovery. Once the interest rate has been raised, I look for the price of gold to correct itself. Silver is definitely the better buy percentage wise right now. My only concern is how much gold will increase before consumer prices (i.e. inflation) follow it.
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