Tuesday, February 17, 2009
GOLD SIZZLES TO RECORD PRICE OF RS 15,420 PER 10 GRAM
Amid continuing decline in stock markets, all-weather investment option gold zoomed past all previous records on Tuesday to set a record price of Rs 15,420 per 10 gram in the national capital. The metal surged by Rs 560, the biggest single-day rise in over one-year today in tune with rates in the global markets where gold rallied above 960 dollar an ounce. Dealers said melting stocks and forex markets left no other option for investors other than gold and they rushed park their funds in bullion. There was frantic buying by stockists and speculators on firming trend on the global front amid a plunge in equity markets, they added. Analysts had forecast that gold may touch Rs 16,000 per ten gram in short-term. The steep rise in prices, however, brought gloom to retail buyers particularly in the ongoing wedding season. A retail jeweller in Delhi said many prospective customers were postponing their buying decision as they are unable to grapple with with never-before like prices. "Retail buyers postponed their decisions to buy for the current marriage season in view of the sky-rocketing gold prices," said All India Sarafa (bullion) president Sheel Chand Jain, adding the surge was solely of speculative nature.
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