Gold zooms, Rs600 away from Rs20,000

With festive season set to start, gold and silver prices have started moving up. On the eve of Janmashtami on Wednesday, silver crossed the figure of Rs31,000 per kg while gold was just Rs600 away from Rs20,000 per 10 gram mark in Ahmedabad, driven up by the sudden spurt in the overseas prices of the precious metals.

But the city jewellers and traders were unfazed. “With the festive season, NRI season and marriage season coming closer, customers are bound to buy gold despite rising prices. So, jewellers and traders in Ahmedabad traded gold at the peak price on Wednesday,” said the director of Choksi Mahajan Association of Ahmedabad, Rajnikant Choksi.

He further said that the previous high of gold in Ahmedabad was around Rs19,400. “But at that time, not a single deal had taken place. However, on Wednesday, when gold was quoted around the same price, several deals took place. It seems that jewellers are fully gearing up to fulfill the demand for gold in the coming festive season,” said Choksi.

Meanwhile, gold prices touched a new peak of Rs19,405 in Delhi on Wednesday. “The precious metal mirrored the gains in global markets, the trendsetter on the domestic front. Gold rose to two-month high levels in the global markets following fall in dollar against global currencies,” said the Ahmedabad-based bullion trader and analyst, Girish Choksi.

Yellow metal prices in Delhi spurted by Rs215 to trade at a record high of Rs19,405 per 10 grams, surpassing the previous record of Rs19,220 set on June 8. In Mumbai, both gold and silver prices rallied to all-time highs on hectic buying by stockists.