January 29, 2008, New Delhi: Gold prices have got a rise by Rs. 40 today. It reaches to the high of Rs. 11960. Main reason behind this growth is the aggressive buying by stockists. It has also got record level in overseas market.
Apart from the rise in price in overseas markets, covering of short positions in futures trading ahead of the settlement on month-end acted as a boosting factor for gold prices.
Market professional said that gold and silver spurted all over the world following fears of fall in production and anticipated weakening of dollar in case the US Federal announces another rate cut tomorrow in its regular meeting. They said prices also rise in domestic markets as traders who enlarged their positions in futures trading were forced to cover up ahead of the current settlement this month-end.
