India 24 carat gold hit Rs.19,050 per 10 grams in Delhi Spot markets making the latest historic high fuelled by weak rupee versus dollar and strong demand.
Reports suggested that pure gold hit a new historic high of Rs.19,050 per 10 gram in the Delhi spot market on Tuesday on weak rupee versus dollar and good demand, analysts said.
Rupee was trading weak at Rs.47.1600 per $1 versus Rs.46.36 previously. India, the largest consumer of gold in the world meets most of its demand through imports. A weak rupee makes importing cost of gold costlier, thus driving prices higher.
Tuesday, gold futures on MCX also surged with the near-month contract hitting a new record high of Rs.18,762 per 10 gram.
Most active MCX August contract also hit a contract high of Rs.18,787 per 10 gram. Meanwhile, MCX June contract was trading at Rs.18,722 up 1.67% from the previous close.
Meanwhile, gold stocks on the Bombay Stock Exchange (BSE) witnessed steep rise on Tuesday, June 01, 2010. Leading jewellery makers including, Rajesh Exports Ltd (BOM:531500) gained by over 2% at Rs.87.05 today. Surana Corporation Ltd (BOM:531102) ended the day at Rs.67.90 up by close to 4.5% on the BSE.
Tuesday, 1 June 2010
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