Gold price surges to record high
In the international market, spot gold was up 0.2 per cent at $2,283.76 per ounce in morning trade after touching an all-time high of $2,288.09 earlier in the session.
In the international market, spot gold was up 0.2 per cent at $2,283.76 per ounce in morning trade after touching an all-time high of $2,288.09 earlier in the session.
The yellow metal has multiple significance like religious connotations, family heirloom, gifts, status symbol, investment among other purposes.
The decision to introduce a uniform price on 916 purity 22-carat gold has been taken at a meeting between officials of Malabar Gold and Diamonds, one of the largest gold and diamond retail chains in the country, and key members of All Kerala Gold and Silver Merchants Association which sets the board rate for gold.
10 gram of 24 carat gold priced Rs 51,280 in India, while 10 gram of 22 carat gold cost Rs 47,000.
10 gram of 24 carat gold priced Rs 50,840 in India, while 10 gram of 22 carat gold cost Rs 46,600.
The rate of silver on Sunday morning was trading 1.80 per cent up at Rs 57,670 per kilo against its closing price in the last session, according to MCXindia.com.
Over the past 24 hours, variations in gold prices have been seen in several major Indian cities.
Commodity experts say the sharp rise in crude prices, which rose about 12 per cent in the past week, is mainly responsible for the rally in gold rates. But there are other factors at play as well. Rising global inflation and the volatile stock market have made the yellow metal a "safe" investment bet among investors.
Over the past 24 hours, variations in gold prices have been seen in several major Indian cities.
Over the past 24 hours, variations in gold prices have been seen in several major Indian cities.
