Gold opens at all-time high of Rs 15,800 on global cues
Surging gold prices set yet another record of Rs 15,800 per 10 gram in the national capital on Thursday in line with the surging global bullion markets on speculation that the global recession will deepen further.business Updated: Feb 19, 2009 14:15 IST
Surging gold prices set yet another record of Rs 15,800 per 10 gram in the national capital on Thursday in line with the surging global bullion markets on speculation that the global recession will deepen further.
The precious metal recorded fresh gains of Rs 50 to Rs 15,800, a level never seen before, after poor economic data of Russia and Japan raised concerns of a growing malaise of global recession.
Jewellers and market analysts said the demand of the yellow metal picked up after the global equity and forex markets dropped in the recent past.
They said shaky investors find no other option but to park their funds in the precious metals, while physical buying for the current marriage season declined substantially.
“We do not see any customers these days as surging gold prices cooled down the demand for jewellery in this marriage season,” said a Delhi-based Jeweller Gaurav Anand.
A similar firming trend in other regional bullion markets in the country also dampened trading sentiment to a great extent. In Kolkata, the gold opened at a record high of Rs 15,925 per 10 gram.
Meanwhile, gold in futures trading touched a new high by rising 0.88 per cent to Rs 15,712 per 10 gram at the MCX counter.