In Bullion Markets Gold extended gains on Tuesday to climb to its highest since October, boosted by safe-haven demand triggered by a continued slump in oil prices and weakness in some equities markets. Asian stocks were mostly firmer on Tuesday after benign Chinese economic data, but concerns lingered, with oil trading close to its lowest in nearly six years.
Riding on wedding season demand from jewelers and a firming global trend, gold regained its sheen with prices rising by Rs 230 to Rs 27,480 per ten gram at the bullion market today.Gold, typically seen as an alternative investment to riskier assets such as stocks, rose as investor’s channeled money into the asset along with other safe havens such as the yen. Spot gold rose as far as $1,238.81 an ounce, its highest since Oct. 23.
In Mcx Silver also rebounded by Rs 400 to Rs 37,250 per kg on increased off take by industrial units and coin makers. In line with a general firm trend, silver ready recovered by Rs 400 to Rs 37,250 per kg and weekly-based delivery by Rs 415 to Rs 37,245 per kg. On the other hand, silver coins continued to be traded at last level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.