Driven by last minute heavy purchases by traders in order to build up stocks before the start of the inauspicious ”Sharad”, the gold prices increased to a record high of nearly Rs 16,000 per 10 gram in the national capital.
However, the costly metal spurted by Rs 200 from Thursday’s level at scale a new peak of Rs 15,900 per 10 gram.
Additionally, the prices of silver coins too skyrocketed to an all time high of Rs 31,200 per 100, pushed up by a steep rise of Rs 700 up in silver rates at Rs 25,300 per kg.
Moreover, the raise in the gold rates was due to heavy demand from jewellers and stockists before Sharad.
Additionally, the rally was also sparked by gold’’s rise in the overseas markets to a six-month high, towards 1,000 dollars an ounce.
Further the ambiguity in the stocks, which remained more unstable in last one-week, left very less choice for the investors but to invest in bullion as a safe haven.
However, in the last one week the BSE index Sensex fell for four consecutive days, but gained 290.79 points on Friday at 15,689.12, the last trading day of the week whereas silver ready surged by Rs 700 to Rs 25,300 per kg and weekly-based delivery by Rs 560 to Rs 25,700 per kg.
Moreover, the standard gold and ornaments shot up by Rs 200 each to Rs 15,900 and Rs 15,750 per 10 gram respectively.
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