Gold hits 26-month high of Rs 30,885 on Brexit, weak rupee


New Delhi, Jun 24 (PTI) : Gold prices zoomed to 26-month high of Rs 30,885 per ten gram today in the biggest single-day gain of Rs 1,215 since August 2013 as Britain voted to exit the European Union leading to bloodbath in global equity and currency markets.

It was gold's highest closing level of Rs 30,730 after April 28, 2014 in the bullion market here.

The rupee too hit a four-month low of 68.21 against the US dollar, making the dollar-quoted gold expensive.

Silver also registered a steep rise of Rs 1,000 to Rs 42,300 per kg, largely in tandem with global trend as money flew to safe-haven investments following trouble over Brexit - Britain's exit from EU.

"The bullion demand has got a boost as the rupee hit fresh low and equities tumbled, leaving no place for investors but to park their funds in gold as a safe-haven," Vice President of All India Sarafa Association Surender Kumar Jain told PTI.

He said the metal climbed to the highest level in more than two years after Britain voted to exit EU and the pound sterling crashed by over 10 per cent to its lowest since September 1985, spurring investors' demand for a haven.

Gold in London, which normally sets the price trend in the market here, soared as much as 8.1 per cent to USD 1,358.54 an ounce -- the highest since March 2014. The rally was the biggest daily jump since 2008.

On the domestic front, gold of 99.9 and 99.5 per cent rallied by Rs 1,215 each to Rs 30,885 and Rs 30,735 per 10 gram, highest level since April 28, 2014. Sovereigns also shot up by Rs 300 to Rs 23,400 per piece of eight grams.

In a similar fashion, silver ready surged by Rs 1,000 to Rs 42,300 per kg and weekly-based delivery by Rs 1,260 to Rs 42,460 per kg. Silver coins too spurted by Rs 2,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

Traders said a significant rise of 6.45 per cent in yellow metal prices on the Multi Commodity Exchange in early trade today further supported the uptrend, indicating more demand for the precious metals in coming sessions.

  

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Comment on this article

  • Sampath, Mlore/ Blore

    Sat, Jun 25 2016

    Acche Din only for Oil, Dollar, Gold and for those who control it and not for Indian Rupee...

    DisAgree Agree [3] Reply Report Abuse

  • Vincent Rodrigues, Frazer Town,B'lore

    Sat, Jun 25 2016

    Indian currency is getting weak globally because of wrong handling of Indian economy by the present government.

    DisAgree [2] Agree [8] Reply Report Abuse

  • sri, Karkala

    Fri, Jun 24 2016

    Why do sickulars blame modi for old guys cardiac arrest in UK.?
    Market will stabilize..please postpone your shopping by two months..

    DisAgree [34] Agree [9] Reply Report Abuse

  • Mw, Dubai

    Fri, Jun 24 2016

    Stop eating for 2 months. ...

    DisAgree [3] Agree [37] Reply Report Abuse

  • Manoj, Udupi

    Fri, Jun 24 2016

    Well said MW

    DisAgree [4] Agree [28] Reply Report Abuse

  • Manoj, Manipal

    Fri, Jun 24 2016

    Day by day indian currency is getting weak. God knows where it will reach.. Fekus are busy with foreign tours

    DisAgree [13] Agree [54] Reply Report Abuse

  • Manish, Udupi

    Fri, Jun 24 2016

    Achhe din by Bharatiya Jhumla Party lol

    DisAgree [12] Agree [47] Reply Report Abuse

  • ISMAIL K PERINJE, PERINJE

    Fri, Jun 24 2016

    Jootley has to act now and need of the hour is infuse dollars to stabilize weakest rupee ever under Modi Govt.I am scared hereafter everything will be acche Din including gold and fuel.Certainly common people not familiar of Geo politics or so called BREXIT.....And Modi has to face this storm and look for ACCHE DIN ?

    DisAgree [14] Agree [40] Reply Report Abuse

  • VM, Udupi

    Fri, Jun 24 2016

    Lol, Ismail Bhai, Common People not aware of Geo politics or BRETIX.

    You are very much aware of those things, still you are lighting your BEEDI !!!!

    Sometimes I feel politicians are better than us in misleading People.

    DisAgree [11] Agree [28] Reply Report Abuse


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Title: Gold hits 26-month high of Rs 30,885 on Brexit, weak rupee



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