Gold prices hit record high

Gold prices hit record highGlobal slowdown failed to affect gold prices in India. Gold prices registered a growth of 66 per cent in the third quarter of 2008. Investors across the world preferred to invest in gold, considering it as the best investment option amid volatile market conditions, following the global slowdown.

The demand for yellow metal in India increased to 250 tonnes in the third quarter of 2008, which earlier stood at 190 tonnes in same period of 2007.

According to the report of the World Gold Council (WGC), jewellery demand also increased by 78 percent in the reporting period following good spending on gold by Indian rural class. Retailers also contributed to increase in demand.

World Gold Council director, Mr Ajay Mitra said that gold would continue to enjoy safe investment option due to uncertainty of the global financial market.

Gold prices also registered growth in West Asia, Indonesia and China while its demand reported decline of more than 25 per cent in US and UK.