Business IdeasStandard gold hits Rs 16,700 level in early trade
Standard gold prices crossed Rs 16,700-level for the first time in the history on the bullion market in the early trade on hectic stockists buying triggered by rise in the global market.
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Sharp rise in the global markets mainly boosted gold prices in domestic market, a dealer said.
Standard gold (99.5 purity) firmed up by Rs 45 per ten grams to resume at Rs 16,710 as against the last weekend"s level of Rs 16,665. Pure gold (99.9 purity) also shot up to Rs 16,790 from last weekend"s level of Rs 16,745.
Silver ready (.999 fineness) jumped by Rs 175 per kilo to Rs 27,880 from Rs 27,705 previously.
Cash gold hit a high of $1,104.80 an ounce, surpassing Friday"s lifetime high of $1,100.90, with a jump in oil prices and overall bullish sentiment due to India"s recent gold buying spree.
Gold has gained more than 25 per cent in 2009, driven by persistent weakness in the US currency that has lost more than 6 per cent versus the euro to date this year.