Gold Price Gallops Ahead of all Past Records

Gold today broke all record prices and crossed Rs 30,000 per tola (11.664 gram). Silver also hit a new record in the domestic market today, with Rs 443 per 10 gram.

Gold traded for Rs 30,052 per tola, i.e. Rs 25,765 per 10 gram. The domestic bullion traders are hit due to skyrocketing price of gold at the peak of the festive season as it is supposed that the demand should be rising then.

According to gold traders here, in the international market investors are continuing to be drawn to investment in gold for security reasons leading to a boost in its trading price there. The increased demand has affected the domestic market in this festival season, with fewer gold transactions taking place.

Gold in the international market is being traded for $1,057 per ounce whereas traders here are predicting the international price will touch $1,065 per ounce. On Tuesday, the international market gold price was fluctuating at around $1,063 per ounce.

Gold broke its price record twice this September-October (Ashwin).

It was at Rs 29,860 per tola on September 17, 2009 and on October it shot up to Rs 29,900 per tola. Earlier, in the year 2095 BS on July 16 gold had reached Rs 25,450 per tola. Then again On October 13, 2008, it reached Rs 25,500 per tola and again rose to Rs 29,800 per tola on February 22, 2009. Since 2065 BS, gold till date has made six different price records.