Gold Prices Near All Time High
Gold prices, on Friday, came up by Rs 70 to end at Rs 18,370 per ten grams in New Delhi on account of quick buying amid a firming trend in foreign markets.
In the domestic market, the improved buying activity was mainly because of ongoing marriage season and approaching Akshiya Tritiya festival, which falls on May 16.
The gold price hit a record high of Rs 18,550 per ten grams on Dec 03, 2009.
On the other hand, standard gold and ornaments prices came up by Rs 70 each to Rs 18,370 and Rs 18,220 per ten grams respectively.
The upturn was backed by an increase in the price of the costly metal in the Asian markets as investors purchased gold on conjecture that Europe`s debt-cutting measures will slow down economic growth throughout the world.
Besides, some investors shifted their funds from melting equity and forex markets to bullion as a secure hedge that braced demand.
With the general firming trend, the silver prices increased by Rs 150 to Rs 29,900 per kg on augmented offtake by industrial units. (With Inputs from Agencies)