Gold prices at historic high of Rs 14,150 in India

January 25, 2009

Commodity Online
MUMBAI: Sunday, January 25 has become a historic day for India’s gold market. Spot gold prices today surged to touch a historic high of Rs 14,150 per 10 grams in several jewellery shops across the country.

Gold markets in many cities opened on Sunday, as Monday January 26 is a holiday in India. India celebrates its Republic Day on January 26. Several jewellers said gold price rose to a record high of Rs 14,150 per 10 grams. Gold prices rose by Rs 450 per 10 grams compared to the market price on Saturday.

“Gold prices have touch a historic high in India today. We have sold gold for Rs 14,150 per ten grams today. This is celebration day for Indian gold market and gold investors,” Kanwar Singh, a gold jeweller in Chandni Chawk, a bustling market in India’s national capital New Delhi, told Commodity Online.

However, Singh said high gold prices could bring down the sale of the yellow metal in coming days. “Surging prices may prevent buyers of gold to wait to see if the yellow metal price would come down for investment,” he said adding: “But those who purchased gold at price levels of Rs 10,000 around this time last year, it has been a terrific year of profit in gold.”

India is the largest consumer of gold in the world. Analysts said gold prices have gone up to such dizzy heights in India because of the continuing rise in the prices of the yellow metal in the international market thanks to the global economic meltdown.

Gold prices in New York and London has crossed US $ 900 an ounce on Friday, after touching a session high of 902.50 dollar, the highest since October 8. A steep fall in stock markets globally forced jittery investors to park their funds in the the precious metal.

Traders said a steep rise in the commodity markets globally led by the crude oil and copper also supported the trading sentiment in the world bullion markets.

Dollar-denominated gold, whose price generally moves inversely with the greenback, was in step with the prices of base and precious metals, following rising concerns of recession and economic slowdown in domestic markets.

The run-up in gold came despite the dollar's spike to a 23-year high against sterling and a six-week peak against the euro.

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