Wednesday, January 11, 2012

gold silver price jan 12 2012

gold silver price jan 12 2012 : Snapping a three-day losing string, gold prices today rose by Rs 80 to Rs 27,990 per 10 grams on revival of buying at existing low levels fuelled by firming global cues. Silver prices also rose by Rs 750 to Rs 52,750 per kg on increased offtake by industrial units and coin-makers.

Traders said revival of buying by stockists and jewellers for the coming marriage season amid firming global trend, mainly pushed up both gold and silver prices. In Singapore, gold gained 0.7 per cent to USD 1,643.82 an ounce, the highest level since December 13.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 80 each to Rs 27,990 and Rs 27,850 per 10 grams, respectively. It had lost Rs 355 in last three sessions. However, sovereigns held steady at Rs 23,300 per piece of eight grams in scattered deals.

In line with a general firming trend, silver ready surged by Rs 750 to Rs 52,750 per kg and weekly-based delivery by Rs 730 to Rs 52,765 per kg. Silver coins also spurted by Rs 2,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.

Gold Fundamental Analysis January 12, 2012
Gold prices inclined Markets were knocked down by concerns mounting over the 17-bloc euro nation’s debt crisis, as Fitch ratings fueled concerns saying Italy nears having its credit rating slashed. Now, Fitch will assign France and Spain under credit watch for possible downgrades until the month end.

Now, eyes will be spotted on this year, and the performance of the European economy, especially after the ECB lent the European banks huge amount of money, and if that money will help the euro zone to continue recovery process amid big challenges.

Accordingly, we should expect more fluctuations for gold, but should the current pessimism persist, we should expect gold prices to extend the rallies, however, the level of uncertainty is very high, and investors are ought to remain cautious. For the latest updates on the stock market, visit Stock Market Today
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