Tuesday, 16th November 2004 (2510 views)

The Mumbai bullion market recorded unprecedented gold value today as standard and pure gold closed at all-time high of Rs 6505 and Rs 6540 per 10 gram respectively.

The strong figures were attributed to heavy stockists' buying in line with sharp rises in the international prices.

Silver, however lacked necessary support and closed marginally lower, The Hindu reports.

Meanwhile in the overseas market, gold rose and then fell, after touching a 16-year high of $440.60 (£137.70) per ounce before moving down later by 30 per cent to $437 (£235.80) an ounce as Dollar rose against the Euro, reducing the appeal of the metal as an alternative investment.

Dealers moved quickly to ease concerns, claiming the fall in the global prices was temporary and was likely to rise again during the week as Dollar was expected to fall again.

 

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