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Gold prices increase
Posted on: 28/Jan/2016 9:25:46 AM
Gold prices surged by Rs. 380 On Wednesday crossing the Rs. 27,000 mark. This is consistent with the trend around the world, with jewellers buying more to meet the demand of the wedding season. Another reason for high gold prices is the weaker rupee against the dollar. This make imports costlier, and, therefore, gold costlier as well. The rupee stood at 68.03 to the dollar.
Following closely at gold`s heels, silver surged by Rs. 760 to cross the Rs. 35,000 mark. On Wednesday, a kg of silver was Rs. 35,260. According to bullion traders, A firming global trend where gold soared to a two-month high ahead of the first Federal Open Market Committee meeting this year, influenced the precious metal prices.Moreover, increased buying by jewellers and retailers driven by the ongoing wedding season demand, supported the uptrend.
Gold in New York stood at USD 1,119.70 for an ounce.
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