| In the domestic market too, standard gold was quoted higher by Rs 110 to touch the Rs 9,045 (per 10 gram) level. Pure gold, in tandem, gained Rs 120 to Rs 9,105. |
| The current surge is mainly attributed to the rebounding of global crude oil prices and rising demand from major consuming countries "� including India, China and Japan "� ahead of festival season. |
| Experts said, triggered by buying of the yellow metal as a hedge against inflation, it traded above the $600 an ounce level for the first time in more than two weeks on the back of a recovery in oil prices. |
| Expressing his view on the reasons for the spurt in gold prices, Prithviraj Kothari, director, Riddhi Siddhi Bullion, and member, Mumbai Bullion Association, said the yellow metal was oversold and traders had now started gradually building their positions in a small way. |
| "Apart from this, European Central Bank has not come out with any concrete proposal to sell gold in immediate future. So, gold price is expected to maintain the bull run, above $600, in a narrow range," he added. |
| During the last three sessions, standard gold and pure gold shot up by Rs 165 and Rs 175, respectively. |
| Analysts felt the jump of $30 (5 per cent) in a week suggests that the metal was on a recovery path after it had taken a hammering earlier this month. |
| At the end of today's trading spot gold rose to $604.25, its highest since September 11, after the category traded in the $603.10-604.10 range during the day, and this was against the $599.90-560.90 range trading in New York on late Wednesday. |
| Gold and oil, as expected, have moved hand in hand in recent weeks, falling to a near-three-month low of $571.20 in mid-September. The yellow metal prices spiked to a 26-year high of $730 an ounce in May. |
Top Section
Explore Business Standard