Gold zooms to new record high of Rs 19,050
Gold prices zoomed to an all-time high of Rs 19,050 per ten grams in the national capital on Tuesday on skyrocketing global rates amid the ongoing marriage season in India.business Updated: Jun 01, 2010 17:28 IST
Gold prices zoomed to an all-time high of Rs 19,050 per ten grams in the national capital on Tuesday on skyrocketing global rates amid the ongoing marriage season in India.
In international markets, gold prices surged for the seventh straight day as the European debt crisis increased demand for the precious metal as a safe haven.
Bullion in the Asian region gained as much as 0.5 per cent to $1,222.47 an ounce, its highest level since May 19, as the euro extended its 2.4 per cent decline against the US dollar last week.
"The steep rise in gold prices comes at a time when the Indian markets are passing through a bullish mood on hectic buying by jewellers and retailers for the ongoing marriage season," said All-India Sarafa (Bullion) Bazaar Association President Sheel Chand Jain.
"The only trigger for domestic gold prices touching a new high is rupee depreciation," said Kochi-based commodity brokerage firm JRG Wealth Vice-President and Research Head Harish G.