Millennium Post
Business

Gold sets new record at Rs 30,400

Gold on Wednesday broke all previous records to touch the Rs 30,400-mark per 10 gms in tune with global prices that touched a four-week high amid a weak dollar on anticipation of a fresh stimulus for eurozone.

In spot markets, prices of the precious metal rose by Rs 200 to Rs 30,400 per ten grams in Delhi. Traders said the price was supported by a pick-up in demand from stockists as well as jewellers for the upcoming wedding season.

Tracking the buoyancy in the spot market, the price of gold in futures trading at the Multi Commodity Exchange also rose. Gold for delivery in October spurted Rs 283, or 0.71 per cent, to trade at an all-time high of Rs 30,625 per ten gram, in a turnover of 647 lots.

‘Firming trend in overseas on weakening dollar and rising domestic demand for the coming wedding season lifted gold prices to new highs on the domestic markets here’, said Delhi-based jeweller Rakesh Anand.

In international markets, which generally determine prices here, gold rallied by 1.3 per cent to $1,637,40 per troy ounce in London, the highest since 8 May.
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