Gold Almost Touched its Lifetime high of Rs.30,000
By SiliconIndia
Bangalore: Gold prices rose to all-time high of Rs.29,750 per 10 grams in the bullion market as investors shifted funds from melting equity markets to the precious metal, considered as a safe-haven investment.
Gold closed higher by Rs.35 at Rs.29,695 per 10 grams few days back. It means that if five years ago; you had invested Rs.1 lakh in gold then it would currently be worth around Rs.3.1 lakh. Thus we can say that gold has done much better than Indian stocks have.
Silver, however, lacked necessary follow up support and declined by Rs.400 to Rs.56,200 per kg on reduced off take by industrial units.
Traders said gold raced to record high levels as stockiest and retail customers preferred to park their funds in the precious metal amid weak stocks and forex makrets.
Gold of 99.9 and 99.5 percent purity rose by Rs 35 each to new peak level of Rs.29,695 and Rs.29,555 per 10 grams respectively. Sovereign remained steady at Rs.23,750 per piece of eight grams.
On the other hand, silver ready remained selling pressure and lost Rs.400 to Rs.56,200 per kg and weekly-based delivery by Rs.375 to Rs.56,710 per kg.
Silver coins continued to be asked at last level of Rs.66,000 for buying and Rs.67,000 for selling of 100 pieces.
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