Gold Moved to Rs 13300 as Stocks Tumble

Author: Ashutosh

Gold prices on Wednesday moved up to Rs 13,300 per 10 gram by gaining Rs 130 in the bullion market as the stocks market index drop over 700 points. The stock market decline has boosted the investor’s confidence along with demand of the precious metal.

Gold, which was down by Rs 210 on Tuesday again gained some momentum on the falling stock prices. Diminishing value of rupee lead investors to park their funds in gold. Silver was also in somewhat better position and improved by Rs 50 per kg.

Firm gold prices in the International arena and more importantly the rise in demand of gold and silver due to current festive and marriage season have enhanced the sentiment of investors.
	In London, the gold gained $9.17 to reach $845.88 an ounce and in New York Mercantile Exchange futures for the December month added $8.40 to $847.90 an ounce. In the Indian domestic market, the prices for both gold and ornaments gained Rs 130 each to reach Rs 13,300 and Rs 13,180 for 10 gram, respectively. Sovereign took a 100 rupees jump to Rs 10,700 for a piece of eight gram. On the other hand, silver moved up by Rs 50 per kg to Rs 18,800 while the price for 100 pieces of silver coins rose by Rs 200 to Rs 28,500 and Rs 28,600 for buying and selling respectively.