The Hindu Business Line : Gold regains Rs 12,000 level as funds shift from equities

NEW DELHI: Gold prices on Friday regained the psychological Rs 12,000 level on the bullion market here by gaining Rs 205 to Rs 12,060 per 10 gram on emergence of buying by funds and general investors.

Market men said buying in gold gathered momentum as some of the funds shifted from falling stock markets to the bullion on expectations of quick bucks. A firming trend in global bullion markets was another boosting factor.

Gold rose in Asia and headed for its first weekly advance in a month as record energy costs and a weaker dollar boosted demand for a hedge against inflation, they said.

Spot rate of gold gained $3.20 to $885.05 an ounce in Singapore. Silver gained 0.7 per cent to $16.93 an ounce. Standard gold and ornaments gained Rs 205 to Rs 12,060 and Rs 11,910 per 10 gram respectively.

Sovereign rose by Rs 25 to Rs 9875 per piece of eight gram. Silver ready spurted by Rs 470 to Rs 22,970 per kg and weekly-based delivery by Rs 475 to Rs 23,325 per kg.

Silver coins continued to be asked at last level of Rs 26,600 for buying and Rs 26,700 for selling of 100 pieces. - PTI

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