Gold at record high of Rs14,900 on marriage season demand

Gold at record high of Rs14,900 on marriage season demand
PTI
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First Published: Thu, Feb 12 2009. 03 36 PM IST
Updated: Thu, Feb 12 2009. 03 36 PM IST
New Delhi: Maintaining its record making spree, gold on Thursday scaled a new high of Rs14,900 per 10 gram on the bullion market here on aggressive buying by jewellers amid firming trend in the global markets.
Gold prices spurted by Rs350 to close at record Rs14,900 per 10 gram.
Marketmen said heavy buying by jewellery fabricators to meet the marriage season demand pushed up the gold prices. A significant support from the overseas markets where gold rose to $948.60 an ounce, a level never seen before 23 July, also support the trend, they added.
Gold prices in overseas markets, which set trend in domestic markets, climbed in day-to-day trading on fears that US governments rescue plan may not revive the economy.
“Presently, there is investment buying at existing higher levels joined by actual users for the marriage season,” All India Sarafa Bazar president Sheel Chand Jain said.
There were several positive factors behind the current rally and the precious metal climbing in the futures market remained additional boosting reason, Rakesh Anand, a Multi Commodity Exchange trader, said.
The weakening equity and forex markets left no other option for investors but to buy gold, he added.
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First Published: Thu, Feb 12 2009. 03 36 PM IST
More Topics: Gold | Commodity | Investment | Marriage | Forex |