Gold surged to a record high for the fourth day running after Diwali as it was pushing northwards at $1420, fuelled by renewed concern over high sovereign debt in euro zone countries such as Ireland and Greece and inflationary pressures globally.
In India despite trading at Rs. 20525/10 gms the yellow metal stills tempts investors. In October alone the world’s largest buyer of gold – India, 44 tons of gold was delivered.
According to market experts, liquidity is being thrown in the market place; dollar is being debased while Asian markets are keeping a buy status on dollars to keep their currencies cheap which in-turn is benefiting hard assets.
Gold prices have climbed by 5% since the US Federal announced its plans to purchase $600 billion worth of government bonds. Seasonal high demands overlooking marriage season ahead are all set to take Gold rally to unseen levels. Truly said, “Everything that glitters is GOLD”.
Source: Multiple
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