Financial Daily from THE HINDU group of publications
Tuesday, Jan 28, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jan 28, 2003 |
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Precious Metals Agri-Biz & Commodities - Precious Metals Gold prices at new high Our Bureau
MUMBAI, Jan. 27 AS widely expected, gold breached the $370-an ounce mark today amid fears of US military action against Iraq and suspense over report of UN weapons inspectors. Last Friday, it closed at $366/oz (London PM fix). The yellow metal is truly enjoying a bull run as 2003 has seen a spectacular beginning with prices spurting seven per cent or over $25 an ounce since early this month. In the London market, the metal traded at $370.10/oz at mid-day, reaching a six-year high, with large buying interest evident. The safe-haven status of gold has once again been affirmed, traders said. The Indian market no doubt reflected developments abroad. However, the impact of the much-anticipated spike in international prices on the Indian market has been somewhat muted. In the Mumbai market today, standard gold reached a new high of Rs 5,960 per 10 grams, up Rs 30; while TT bar was quoted at Rs 69,600, up Rs 100 from Saturday's level. The rupee's continual gain is making gold imports somewhat cheaper. The rupee closed at 47.91 to a US dollar.
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