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12-31-2009, 02:52 AM #1
Precious metals surge during 2009
The year 2009 was the golden year for the precious metals, as Silver zoomed by more than Rupees 10,000 per kg and Gold soared by Rupees 3,370 per ten gm on December 26 as compared to their previous year's close.
On the last day of 2008, Silver had ended at Rs 18,100 per kg, while standard and pure Gold had closed at Rs 13,435 and Rs 13,505 per ten gm respectively. Next day that is on January one, 2009, the precious metals had dipped to their lowest, with standard and pure Gold ending at Rs 13,610 and Rs 13,670 per ten gm respectively while Silver falling to Rs 18,465 per kg.
However, erasing the losses, both the yellow metals continued to rise unabated till December two this year, when standard gold surged to all-time high of Rs 18,220 per ten gm and pure gold also soared to Rs 18,310.
Similarly, Silver too did not lag behind as it spurted by Rs 10,005 per kg to Rs 28,105 from its previous year's close of Rs 18,100 per kg. It ended at Rs 30,140 per kg December 2 this year, an all-time high. Despite such a spectacular growth, the white metal could not touch the 30K mark again till today, hovering around at Rs 28,500 to 29K mark.
The phenomenal rise in precious metals was due to the global economic slowdown, started in 2008, as big and small investors chose to invest in the traditional safe havens.
Another factor that could be attributed to the surge in bullion prices was weak US Dollar against a basket of its rivals like Euro and Yen, leading traders informed.
In the global markets too, Gold rallied above USD 1200 per troy ounce in December this year as investors sought a safe haven due to the weak Dollar and worries about the sustainability of the global economic recovery.
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