India's gold shopping adds glitter; prices at all-time high | business | Hindustan Times
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India's gold shopping adds glitter; prices at all-time high

India buying 200 tonnes of gold from the IMF sent the prices soaring to an all-time high of 1095.05 dollar an ounce in global markets.

business Updated: Nov 05, 2009 01:14 IST

India buying 200 tonnes of gold from the IMF sent the prices soaring to an all-time high of 1095.05 dollar an ounce in global markets on Wednesday.

Prices shot up on aggressive buying by traders amidst speculation that more countries would follow India in shoring up their gold reserves in the wake of dollar weakening against a basket of currencies. Traders expect a big boost to gold demand in international markets, which sent the prices sky rocketing.

In tune with globa rates, prices in the domestic bullion markets scaled new highs. Hectic demand from retailers in view of the marriage season also weighed in favour of the precious metal.

In Delhi, bullion prices surged by Rs 330 to Rs 16,800 per 10 grams. In Mumbai gold gained Rs 390 to Rs 16,630 per ten gram while in Kolkata it reached a record level of Rs 16,925 per ten gram, adding Rs 415.

Gold has been on a record-setting spree in past few sessions. The Reserve Bank purchasing 200 tonnes of gold from the International Monetary Fund added much more glitter to its investment appeal.