New Delhi: Gold prices surged by Rs1,000 to Rs12,915 per 10 gram in opening trade in the bullion market owing to firm global cues and melting stock markets.
Traders said gold sparkled as an alternate investment option in global as well as in domestic markets amidst a plunge in stock markets following deepening of credit crisis in the US.
Standard gold and ornaments prices shot up by Rs 1,000 each to Rs12,915 and Rs12,765 per 10 gram respectively.
In global markets, gold prices posted the biggest one-day gain of 8.4% at $870 an ounce, since 1980 as fears of more credit market turmoil unnerved investors and triggered safe-haven buying in precious metal.
Meanwhile, gold futures at country’s leading Multi Commodity Exchange (MCX) surged 4.22% to Rs13,133 per 10 gram for far-month February contract in early trade.