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GOLD PRICES TOUCH THE SKY

goldNot the best time to buy gold. The price of gold has reached a 25-year high in the international market with Rs 8,900 per 10 gm in the domestic market. For jewelers, the sales have already narrowed down due to the steep rise in the prices of gold. For buyers, it is definitely not good news especially with an auspicious spell for marriages coming up later this month. Jewellers say that except for those who have no choice but to shop gold for weddings, there are scarcely any buyers ready to buy gold. The prices rising so steeply is being attributed to global trends as worldwide, big-time investors have put in huge amounts into gold to hedge their investments in assets like stocks and real estate whose prices have skyrocketed. Hence, the sudden demand for gold has steadily pushed up its price to record-breaking levels. The weakening of the US dollar in comparison with other currencies like the euro and the pound sterling has also contributed to the rise in gold prices. To protect investments from the depreciation of US currency, many investors are buying gold. This has also added to demand and the outlook for the future of gold in the international market appears to be positive. Not just gold, even silver has touched a 23-year high by crossing Rs 19,300 per kg.

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