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Gold hits 22 month high
Posted on: 09/Mar/2016 3:54:39 PM
Gold has reached a 22 month high. The uncertainty in the global economy has been a major reason for the increase in gold prices.
On Tuesday, 99.5 purity standard gold was priced at Rs. 29580 per 10 grams, a Rs. 270 rise. Last Friday, it closed at Rs. 29300. 99.9 purity pure gold was priced at Rs. 29720 [er 10 grams. Earlier it closed at Rs. 29450. Experts say that a buying spree from jewellery stockists and traders has contributed to the increased demand.
Globally, gold ended on a 13 month high. According to a leading analyst, Uncertainty about the global economy and investor risk aversion have been a supporting theme for gold this year. The metal is challenging last week’s 13-month peak, while February`s high around $1,260 has become a strong technical support level. The Fed lifted interest rates for the first time in nearly a decade in December. Gold could test $1,300 an ounce, more than two per cent higher than its current level, if the Fed keeps rates on hold. A lot of traders are trying to anticipate a no rate hike scenario, causing a bit of an increase in gold.
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