Gold hits record high of Rs 14,407

Mumbai, Jan 30: The price of Gold is skyrocketing. Now it has reached its all time high on Friday, Jan 30. High prices has deterred buyers from any new purchases in the mist of a wedding season.

"There is no demand, but there is scrap coming in," said Prithviraj Kothari, director with Riddhisiddhi Bullions in Mumbai. Gold futures on the continuation chart on the Multi Commodity Exchange touched a high of 14,407 rupees per 10 grams at 2:14 pm on Friday, Jan 30.

Due to the lack of demand, the price gap between the local gold and bank gold has widened.
Consumers took advantage of near-record prices by selling scrap gold, thereby limiting demand for new bars, a trader said.

As the season for wedding is in air, buyers are awaiting a fall to purchase fresh gold, said Kishore Zaveri, director, Zaveri and Co in Ahmedabad, a retail gold jeweller.

OneIndia News (With inputs from Agencies)