Gold Rate Today
Monday 8 August 2011
The downgrade of the US’ sovereign debt by Standard and Poor’s to AA+, from the decades-untouched rating of AAA, has given another shot in the arm to already rising gold price—on Monday gold closed at Rs. 24,915 per 10g on the Multi Commodity Stock Exchange, up 15.27% since 1 July. This compares to a 9.05% correction in the equity markets and the current one-year fixed deposit rates of 9-9.5%.
And yet the buying euphoria hasn’t died down. In fact, there were reports of panic purchases of gold bars in the market on Monday by mostly small investors. But does such a move fit into your overall asset allocation plan? And if you are one who has missed the bus, is it a good time for you to buy?
Gold climbed 210 rupees, to a new all-time record of 23,690 rupees per ten grams at Delhi’s bullion market, on Tuesday, on renewed domestic buying, driven by a firm overseas trend. Silver rose 600 rupees, to 58,600 rupees per kilo, on increased buying by speculators and industrial units. Silver coins surged 2,000 rupees, to 65,000 rupees for buying 100 pieces.
In the global markets, gold gained 0.4 per cent, to 1,625 dollars an ounce, as concern that global economic growth may be slowing spurred demand for safe haven assets.
