Gold Prices Hit All Time High

Submitted by Anuj Gupta on Sun, 11/08/2009 - 11:32

On the back of strong demand during the marriage season and uptrend of prices in the global market, gold today reached a new high price of Rs. 16,900 per 10 gram in the bullion market.

After a gain of Rs. 75, gold prices reached a level that had not been reached ever before. In the US markets, the metal recorded a price of $1,099 per ounce. The rise in gold prices on Saturday led to aggressive buying by stockists and traders, which further fuelled rates.

Silver, on the other hand, declined in value as it saw a reduced industrial demand. Experts have shared that gold, which has been rising rapidly in value for a very long time now, has also had its influence on Reserve Bank of India's act to buy 200 tons of gold from the IMF. More countries are now expected to follow the same path.


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