Mumbai: Gold prices surged past the Rs 19,000 per 10 gram mark, an alltime peak, in the wholesale market in India on Tuesday as uncertainty about the global economy increased and the Indian rupee weakened against the US dollar. The timing also coincided with the wedding season in the country which supported the demand for gold even at such high prices.
In the intra-day trade in Delhi, gold price closed at Rs 19,050, while it closed at Rs 18,750 in the Mumbai market. In the international market, gold was trading at $1,225 per ounce, its seventh consecutive session of gains and very close to its all-time peak of $1,245.
Silver is on the rise too, with the price surging by Rs 200 to Rs 29,800 per kg on Tuesday.
Industry players feel the global uncertainty, especially in the Eurozone, and a weakening rupee could push gold prices further up. "We are expecting (gold) prices to go above the Rs 20,000 mark soon although there is not much demand from investors,'' Suresh Hundia, president, Bombay Bullion Association, said.
According to the World Gold Council, the yellow metal has given a return of 6.88% in the last one month, 22% in the past year and 208% in the last five years.
Sensex tanks 373 pts, rupee weakens
Rising fears about the Eurozone and a possibility that the RBI could raise rates to stem inflation led to a sell-off on Dalal Street on Tuesday and the BSE sensex ended 373 points lower at 16,572. And as FIIs sold, the Indian rupee weakened by 80 paise to 47.16. P 23
In the intra-day trade in Delhi, gold price closed at Rs 19,050, while it closed at Rs 18,750 in the Mumbai market. In the international market, gold was trading at $1,225 per ounce, its seventh consecutive session of gains and very close to its all-time peak of $1,245.
Silver is on the rise too, with the price surging by Rs 200 to Rs 29,800 per kg on Tuesday.
Industry players feel the global uncertainty, especially in the Eurozone, and a weakening rupee could push gold prices further up. "We are expecting (gold) prices to go above the Rs 20,000 mark soon although there is not much demand from investors,'' Suresh Hundia, president, Bombay Bullion Association, said.
According to the World Gold Council, the yellow metal has given a return of 6.88% in the last one month, 22% in the past year and 208% in the last five years.
Sensex tanks 373 pts, rupee weakens
Rising fears about the Eurozone and a possibility that the RBI could raise rates to stem inflation led to a sell-off on Dalal Street on Tuesday and the BSE sensex ended 373 points lower at 16,572. And as FIIs sold, the Indian rupee weakened by 80 paise to 47.16. P 23
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