There is no stopping gold! The yellow metal’s prices crossed Rs27,000 per 10 gram in Ahmedabad’s bullion market on Thursday on the back of increased buying by investors and stockists.
According to Choksi Mahajan Association, gold closed at a record Rs27,050 in the city. This comes just a few days after gold crossed the much hyped Rs25,000 mark and subsequently crossed Rs26,000 as well.
Experts now expect gold prices to reach Rs30,000 per 10 gram by Diwali or by end of this year.
Market experts said that spurt in gold prices in the international markets, where it is trading at near $1,800 an ounce, has boosted gold prices in domestic markets.
They believe gold price can rise further as investors try to protect their wealth against possibility of a global slowdown amid deepening debt crisis in US and Europe.
While investors are celebrating, the sharp rise in gold prices has severely affected retail gold sales. Jewellers said that there were very few buyers in jewellery shops.
“The number of people coming to sell gold is more than the people coming to buy it,” remarked a jeweller at Manek Chowk
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