 | « Back to article | Print this article |
Gold spurted further by Rs 50 to settle at a new peak of Rs 7,900 per ten gram, influenced by reports of it touching over 24-year high levels in London, and silver by Rs 300 at record high levels of Rs 13,300 per kilo.
The bullion market, which normally decides the prices on the trading pattern in international markets, continued to make and break records in day-to-day trading.
The yellow metal in other Asian markets rose $1.57, or 0.3 per cent, to $522.69 an ounce, the highest since April 1981 while speculative buying pushed it up to $524.10 dollar in New York.
Gold might go further high within 18 months, said GFMS, a precious metals research group while a few others expect a profit selling to take place between December 15, and January 15 next year as most of the major markets would remain closed for Christmas and New Year celebrations.
Marketmen said the physical buying was restricted due to marriage season drawing to a close, which was otherwise the main driving force behind the surge in bullion prices.
''Most of the jewellery shops were empty with negligible buying as the wedding season is coming to an end this month,'' said Sheel Chand Jain, All India Sarafa Bazar president.
A significant rise in precious metal was confusing as most of the buying orders were from speculators who preferred to hike their stock at every rise, he said.