Gold shines like never before; breaches Rs 28,000 mark

Gold shines like never before; breaches Rs 28,000 mark

Experts said prices may even touch Rs 30,000 level well before Diwali as investors are increasingly shifting funds to gold amid free fall in equity markets.

Gold prices in the metros jumped in the range of Rs 960- 1,195 per 10 grams. Gold in Kolkata was traded at Rs 28,235, while in Delhi it recorded biggest single-day gain of Rs 1,310 to trade at Rs 28,150 per 10 grams. The precious metal was quoted at Rs 27,980 in Chennai and at Rs 27,750 in Mumbai.

In the futures market also, the December contract on the Multi Commodity Exchange (MCX) touched yet another record high of Rs 28,201 per 10 grams at 1730 hrs.

The trading sentiment at home was bolstered by gold's ascent to record levels in overseas markets, as mounting concerns over sovereign debt and slower growth spurred investors to seek the perceived safety of bullion as an investment haven.

In London, the spot gold prices zoomed past record USD 1,867.95 an ounce on concern over melting equity markets.

There was scattered demand in the local spot market in view of coming marriage and festival season, even as many were unsure of correction in prices in the coming days.

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