Gold prices soar to 7-month high
There also growing expectations that the
Spot gold rose 0.24 per cent to cross the $2,046 per ounce by 11.30 a.m. on Wednesday morning, which is the highest price since May 5.
US gold futures for December delivery rose 0.3 per cent to $2,045.40 per ounce.
Gold prices have now risen by close to 10 per cent from the beginning of the year.
Gold prices varied across different cities in India. Chennai recorded the highest price of 10 gm of 24 carat gold at Rs 63,050 while in Delhi and Mumbai the prices were Rs 62,710 and Rs 62,560, respectively.
Gold prices have been rising in the
Expectations of low interest rates makes financial instruments less attractive for investors compared to gold which is considered a safe investment.
The demand for gold in the domestic market remains firm amid the marriage season as the precious metal is gifted to brides and grooms in large quantities.
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