Gold Rate Rises by Rs.660 in a Day
Gold and silver rates that have been going down since past five days saw a sudden rise. Gold rate rose by Rs.660 in a single day. This is the first time in the month that a sudden surge in gold rate is witnessed. After the hike, 10 grams of 99.9 pure gold is now priced at Rs.26,810. Since the US payrolls rose less than expected and wages stagnated, Federal Reserve had to raise interest rates, leading to the surge, say experts. Cost of silver also saw a high and increased by Rs.1,200. One kg silver has reached Rs.35,800. Market sources say that the increase in silver price is due to withdrawal of industrial units and coin-makers.