Gold touched yet another historic peak, crossing the Rs18,000 per 10 gram mark, in Gujarat on Wednesday. And, if experts are to be believed, the possibility of the yellow metal breaching the Rs20,000 per 10 gram mark cannot be ruled out.
“Gold prices opened at Rs17,925 per 10 gram on Wednesday morning and crossed the Rs18,000 mark in the evening,” sources in the Shree Choksi Mahajan Association, Ahmedabad, said. The price of the precious metal touched Rs18,000 per 10 gram in Surat too. Rajnikant Choksi, director of the association, said gold prices touched a high of Rs18,030 in local trades during the day.
In international markets, it touched a high of US $1181 per ounce on Wednesday, and was within striking distance of the $1200 per ounce mark. Industry experts attributed the recent spurt in gold prices to sustained buying by stockists for the current marriage season, amid a weakening dollar and reports that more central banks might purchase gold from the IMF.
“We have seen gold prices increase from Rs17,000 per 10 gram to Rs18,000 in a matter of days. The possibility of gold touching the Rs20,000-mark in the near future cannot be ruled out,” Choksi said.
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