Gold prices hit lifetime high of Rs 41,730 per 10 gm, zoom Rs 720
New Delhi, Jan 6: Gold prices in the national capital hit an all-time high level on Monday and zoomed Rs 720 to Rs 41,730 per 10 gram following a pick-up in safe-haven demand for the metal amid weak equities and bullish global trends, according to HDFC Securities.
Silver also witnessed increased buying as it surged Rs 1,105 to Rs 49,430 per kg from Rs 48,325 per kg in the previous trade.
Gold had in the previous trade closed at Rs 41,010 per 10 gram.
"Safe-haven demand continued in the precious metal with word of war between the US and Iran. Along with a weaker rupee, rise in international gold prices supported domestic gold prices to trade at life-time high level," Devarsh Vakil, Head (PCG-Advisory), HDFC Securities, said.
In the global market, gold traded with gains at USD 1,575 per ounce and, likewise, silver also quoted higher at USD 18.34 per ounce.
International gold prices at COMEX climbed as much as 2.3 per cent to USD 1,588.13 an ounce, the highest level since April 2013, and traded at USD 1,575 an ounce. Along with the other Asian currencies, the rupee traded with a loss of 25 paise amid higher crude oil prices.
In the morning trade, the rupee depreciated 31 paise to 72.11 weighed by the spike in crude oil prices, amid rising concerns over US-Iran tensions.
The Sensex crashed nearly 788 points on Monday as heightened tensions in the Middle East kept investors on edge.
The domestic market witnessed intense sell-off in line with global stocks after US President Donald Trump warned Iran of major retaliation if Tehran carries out any attack against America to avenge the killing of top military commander Qassem Soleimani.
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West Asia war: Vessel carrying 20,000 tonnes of LPG reaches Gujarat crossing Strait of Hormuz
Kandla (Gujarat) (PTI): A vessel carrying 20,000 metric tonnes of Liquefied Petroleum Gas (LPG) arrived at Deendayal Port Authority in Kandla in Gujarat after crossing the Strait of Hormuz amid the West Asia crisis, officials said on Sunday.
The Marshall Islands-flagged MV SYMI started its journey from Qatar and docked at the port in Kandla around 11.30 pm on Saturday after crossing the Strait of Hormuz on May 13, they added.
Since early March, 13 India-flagged vessels, comprising 12 LPG tankers and one crude oil tanker, have crossed the Strait of Hormuz, a narrow waterway close to the coast of Oman through which roughly one-fifth of the world's energy supplies pass.
It has been severely disrupted by the conflict in West Asia that started on February 28, with the US and Israel launching joint attacks on Iran, triggering retaliatory strikes. It has resulted in one of the worst energy crisis the world has seen in recent decades.
Incidentally, at a special meeting of the United Nations Economic and Social Council (UNECOSOC) on safeguarding energy and supply flows, India’s Permanent Representative to the UN Parvathaneni Harish said targeting commercial shipping, endangering civilian crew and impeding freedom of navigation in the Strait of Hormuz is "unacceptable".
On May 13, an India-flagged commercial vessel came under attack off the coast of Oman.
Omani authorities rescued all 14 crew members of the vessel sailing from Somalia, but it was not immediately known who carried out the strike.
