Gold prices rose to a new high in India to over Rs 24,000 per 10 gram, tracking international prices which neared the $1,700 per ounce mark on Wednesday.
While this is good news for investors in the yellow metal, it is bad news for those who are planning to buy gold jewellery.
Over the last one year, gold prices in India have risen by 34%, and this is attributed to the current gloomy outlook for the global economy, the rising inflationary pressure and the weakness of the US dollar against other major currencies like Japanese Yen and Swiss Franc, market players said.
“Gold is usually used as a hedge against weak dollar and rising inflation.”
Comments are closed, but trackbacks and pingbacks are open.