Gold price records Rs 32,000 for 1st time
Rallying for the third consecutive day, gold prices crossed the Rs 32,000-level in New Delhi. In Mumbai, rates jumped Rs 220 at Rs 31,700. In other metros, gold gained in the Rs 175-275 range with prices in Kolkata reaching Rs 32,175.00 while the rates stood at Rs 31,960 in Chennai.
In last three days, gold in New Delhi has become costlier by Rs 690, while it gained Rs 1,555 in last two weeks.
Market participants attributed the sharp rise in the gold prices to firming global rates as dollar weakened.
Global prices today rose one per cent to 1,709.90 dollar an ounce in London, matching a level last seen on March 13.
"The sharp rise in domestic gold prices was mainly due to robust global market, where prices have risen from USD 1500 an ounce to USD 1700 an ounce in just 15 days on hopes that the US and Europe may inject liquidity in the market," SMC Comtrade Chairman and Managing Director D K Aggarwal said.
The European Central Bank (ECB) is meeting today and may consider fresh bond purchases to ease the Eurozone's debt crisis, he said, adding the rally in global prices was also in response to the minutes of US' Federal Open Market Committee (FOMC) last meeting suggesting the need for more stimulus.
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