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DAZZLING SHOW
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Mumbai, June 2: Gold prices today breached the Rs 30,000-mark for the first time in India on account of a surge in global prices of the yellow metal.
In New Delhi, gold prices rose a hefty Rs 960 to touch a record high of Rs 30,300 per 10 grams in line with the rally in international markets where prices jumped to a 10-month high. Both pure (99.9 per cent purity) and standard (99.5 per cent purity) gold recorded their biggest single-day gains of Rs 960 each at Rs 30,300 and Rs 30,160 per 10 grams, respectively. The previous high was recorded at Rs 29,750 on May 4.
In Mumbai, pure gold went up Rs 895 to finish at Rs 30,030 per 10 gram.
Standard gold, however, didn’t touch the Rs 30,000-mark in Mumbai even as it recorded a lifetime high of Rs 29,895 per 10 gram, a gain of Rs 890.
In Calcutta, gold prices are ruling at Rs 30,245 per 10 gram, an increase of Rs 785.
Analysts said they were not surprised by the new peak in gold prices that came largely on account of international factors that had increased the appeal of the yellow metal.
Yesterday, gold for August delivery rose $57.90, or 3.7 per cent, to settle at $1,622.10 per ounce at the Comex division of the Nymex.
The demand for the precious metal — seen as a safe haven investment — rose after weak job numbers in the US triggered expectations of another round of monetary stimulus by the Federal Reserve.
International prices of the metal had come under pressure last month as the crisis in Eurozone saw investors buying the dollar, an alternative to gold. However, in India, prices had inched up because of the depreciation of the rupee.
The spike in gold prices comes at a time when experts feel that demand in India is set to come down this year because of higher import duties and the rupee’s depreciation. In a recent report, the World Gold Council has said China may overtake India as the world’s largest consumer of gold.
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