Gold glitters at Rs 15,650

Gold glitters at Rs 15,650Gold prices in the domestic market touched a new peak level at Rs 15,650 following increase in its prices in the international market due to heavy purchase by investors.

The precious metal started rising after the breakout of global financial crisis due to failure of leading financial institutions in United States. Global slowdown propelled investors to invest in gold considering it as a safest mode of investment due to plunge of stock markets and low interest rate regime.

Meanwhile, country's gold future witnessed all time high, anticipating more rise in gold prices in days to come. The metal rose to Rs 15,608 per 10 grams, the highest level so far, for the April-delivery gold on the Multi Commodity Exchange.

Debjyoti Chatterjee, associate vice president with MAPE ADMISI Research in Mumbai, said that gold price no longer linked to crude rates and dollar as it generally used to be. He added, "Gold is emerging as a new asset class on speculative and investment demand coupled with global concerns. If any recovery has to happen, it would depend on circumstances in the European and the US markets."

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