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Gold at Historic High of Rs57,800 Tola

Posted by on Friday, August 12, 2011, 7:33
This news item was posted in Business category and has 0 Comments so far .

gold_priceDomestic gold jumped to new historic peak on Thursday trade on the back of hefty buying and concerns the global economic recovery to remain under pressure in near future.

The price of 10-gram gold has shot surged by Rs771 to stay at Rs49,542, while its tola (11.6gms) is tagged at an all time high of Rs57,800 after witnessing an upsurge of Rs900.

“Gold prices may soon breach Rs60,000 level,” said a senior bullion trader, adding that United States and European debt woes are fuelling the demand of precious metals.

“I don’t see gold stopping before $1900 per ounce milestone,” said a commodity analyst, adding that depreciating dollar and falling stocks have encouraged investors to make fresh investments in commodities.

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