surging

Gold prices surge to four-month high
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Press Trust of India

Thursday, September 6, 2007 (New Delhi):

Gold prices surged to a four-month high on the bullion market on hectic buying by stockists triggered by firming overseas trend.

A steady rise in gold demand pushed up the prices to a level last seen on May 10. Standard gold and ornaments strengthened by Rs 30 each at Rs 9,200 and Rs 9,050 per ten grams respectively.

Trading sentiments turned bullish on reports the precious metal continued to rise in international markets and added $2.97 to $684.78 an ounce. Silver also added 4.25 cents to $12.25 an ounce.

The global bullion markets, which normally set price band in domestic markets, surged following a steep rise in crude oil prices, shifting the investors' attention toward gold.

On the other hand, despite higher overseas advices silver lacked necessary support and lost Rs 100 at Rs 16,900 per kilo and silver weekly-based delivery dipped by Rs 600 at Rs 16,700 per kilo.

However, silver coins continued to be asked around previous levels of Rs 23,500 for buying and Rs 23,600 for selling of 100 pieces. Sovereign gained Rs 25 at Rs 7,700 per piece of eight gram.