By Dilip Kumar Jha
MUMBAI: Gold is steadily inching towards breaching its lifetime record set in October 2013 on jewellers’ buying for upcoming festivals.
Standard gold jumped by a marginal Rs 80 in Mumbai’s popular Zaveri Bazaar to trade at Rs 31,650 per 10 grams on Saturday. Gold has set a lifetime record of Rs 31,950 in October 2013 which the ongoing upsurge threatens to breach with the onset of festival demand in Dussehra.
Gold prices have surged nearly 26% this calendar year on a recovery in investment and jewellery demand which has been propelled by a lack of other investment avenues. The yellow metal is seen as a safe haven amid uncertainty in global equity and energy sectors.
“Gold has seen a sharp upsurge in demand on a sudden jump in Japanese yen against the dollar. Crude oil prices have also increased over the last few months. With the investment buying continues, gold is seen touching $1400 an oz in global markets translating thereby setting a new record in near future,” said Prithviraj Kothari, Managing Director, RiddiSiddhi Bullions Ltd.
Gold price is hovering around $1341 an oz in London. Gold is getting a safe heaven buying demand in global markets over US Fed’s delay in interest rate revision.