Saturday, April 11, 2015

Gold Regains R. 27,000 on Global Cues, Buying by Jewellers
[Editor: The gold as expected has started to move up. My recommended Gitanjali Gems Ltd (Rs.46.60) and Renaissance Jewelry Ltd (Rs.99.25) has already reached my first targets. Gitanjali Gems Ltd, this time is expected to cross Rs.100 and hence do not sell in a hurry. Moreover, Renaissance Jewelry Ltd touched Rs.104.80, intra-day on last Friday. 
Meanwhile, there are media reports that Indian Prime Minister, Narendra Modi wants to get his hands on the temple gold, estimated to be about 3,000 tonnes, more than two thirds of the gold held in the US bullion depository at Fort Knox, Kentucky, to help tackle India's chronic trade imbalance.Modi's government is planning to launch a scheme in May that would encourage temples to deposit their gold with banks in return for interest payments
11 Apr, 2015: Gold regains Rs 27,000 on global cues, buying by jewellers NEW DELHI: Gold prices rose for the second straight day and reclaimed the psychologically important Rs 27,000-mark, surging by Rs 280 to trade at Rs 27,080 per 10 grams at the bullion market today amid a firming global trend.

Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level.

Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.

Bullion traders said besides a firming trend overseas, increased buying by jewellers mainly led to the rise in gold prices.

Gold in New York, which normally sets price trend on the domestic front, shot up by 1.16 per cent to USD 1,207.30 an ounce and silver by 2.07 per cent to USD 16.49 an ounce in yesterday's trade. 

In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 280 each to Rs 27,080 and Rs 26,930 per 10 grams, respectively. It had gained Rs 50 yesterday.

However, Sovereign remained flat at Rs 23,700 per piece of eight grams in scattered deals.

In a similar fashion, silver ready rose further by Rs 150 at Rs 36,900 per kg and weekly-based delivery by Rs 310 at Rs 36,710 per kg. 

On the other hand, silver coins, however, traded at last level of Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces. 

Courtesy: The Economic Times
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