Gold hits record high at Rs 14,900 in India

February 12, 2009

Commodity Online
NEW DELHI : Gold prices surged to yet another high in India on Thursday and closed at Rs 14,900 per 10 gram, up by Rs 350 mainly on brisk buying by jewellery fabricators to meet the marriage season demand pushed up the gold prices.

Global surge by the yellow metal amid a weak forex and equity markets also helped it to reach record high in the country.

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Gold also climbed in Europe on Thursday, building on gains that took it to a 6-1/2 month high in the previous session, as risk aversion fuelled investor demand for bullion and gold-backed exchange traded funds.

Gold priced in sterling and gold futures in India hit an all-time high, adding to record peaks recorded for bullion on Wednesday in euro, Canadian dollar and Swiss franc terms.

Spot gold was quoted at $943.10/944.70 an ounce in afternoon trade in London,up from $938.35 an ounce late in New York on Wednesday. The metal hit a peak of $953.30 that day, its highest since July 2008.
The world's largest gold-backed ETF, New York's SPDR Gold Trust, said its holdings rose nearly 5 percent on Wednesday. Gold prices rallied soon after the opening of the New York market, suggesting heavy buying.

ETFs and physical gold products such as coins and bars have proved popular with investors as the global slowdown shows little sign of abating.

The U.S. Congress is poised to pass as early as Thursday a $789 billion package of measures to stimulate the economy, which is reeling from a slump in asset prices, scarce credit and millions of layoffs.

Elsewhere the first fall in Japan's wholesale prices in five years showed the country may be entering a period of deflation, while Australia said its unemployment rate rose to a two-year high and South Korea's central bank slashed interest rates.

European shares slipped more than 1 percent on Thursday as fresh signs of deepening economic misery overshadowed the potential U.S. deal.

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