Financial Daily from THE HINDU group of publications
Friday, Sep 26, 2003
Financial Daily from THE HINDU group of publications Friday, Sep 26, 2003 |
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Precious Metals Agri-Biz & Commodities - Precious Metals Gold prices rise sharply in Mumbai Our Bureau
Mumbai , Sept. 25 GOLD prices in Mumbai rose sharply, tracking the precious metal's movement on international markets where it touched a seven-year high of $392 per ounce on the back of a weak dollar and the OPEC's decision to cut oil output. Standard gold ended on Thursday at Rs 5,870 compared to the previous close of Rs 5,780 per 10 gms. Gold 999 closed at Rs 5,900 per 10 gms against Wednesday's finish of Rs 5,825. Internationally gold prices moved to a seven-year-high following the OPEC's announcement that it had agreed to cut its production quota by 3.5 per cent to 24.5 million barrels a day from November. In early trade, gold had touched $392 per ounce. Besides, dollar continued to remain weak against the Euro. All of these factors resulted in a decline across some equity markets. Gold prices usually edge up when equity market suffer declines. However, any rise in gold prices overseas results in demand petering out in India, which is the world's largest importer of gold. In a recent survey, Gold Fields Mineral Services (GFMS) had forecast that gold prices could go past $390 per ounce level. According to GFMS, the factors that could drive gold prices upwards are weak equity markets and declines in dollar against other currencies.
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