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Gold sets new record at Rs 6,020
January 27, 2003 17:41 IST
Gold prices zoomed to set another record level on the bullion market on Monday on brisk buying and gained another Rs 50 to touch Rs 6,020 per ten gram, triggered by heightened concerns over possible US attack on Iraq.
War concerns in Persian Gulf region continued to fuel aggressive buying by stockists and general investors in the face of tumbling global equity and US dollar in forex markets, leaving no option but to divert their funds in bullion.
Marketmen said a sharp upsurge in the gold prices in international markets where it touched $372.50 an ounce, a level seen in March, 1996, boosted the trading sentiment in domestic markets.
They said war concerns after escalating tension between the US allies and Iraq stimulated the equity and forex markets which in turn forced investors to park their funds in bullion, considering them to be a safe haven during such a crisis.
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Number of User Comments: 5
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Sub: Too expensive !!!
Goodness me !! I don't think now there is going to much of a difference between platinum and gold ! As Sidhu would put it, ...
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Posted by Pratap
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Sub: the record rate of gold
It's really amaging that gold rate touch the 7000 digit. It is good but not too. Because turn over has break and sale has be ...
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Posted by rishi verma
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Sub: reflections in india
2003:THERE MAY BE A WAR BETWEEN IRAQ AND INDIA AS A RESULT GOLD PRICE IS INCREASING 2002:THERE WAS 9/11 ATTACT ON U.S AS A RESULT ...
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Posted by sundara
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Sub: SELL YOUR GOLD
This is like the 'Hunt Silver' story. Sell your gold now and more of it in six months. Dont be greedy.
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Posted by Uday
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Sub: Gold Prices..
Gold Prices are expected to be Bullish in coming days also and we should not expect prices to fall in near future...After 5 Years Gold ...
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Posted by Balwinder S Gandhi
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© Copyright 2003 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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