In Indian domestic market the effect of international exchange ratio has put forcefully as Gold prices hit Rs 30,000-mark today for the first time in India in wake of global prices towards the yellow metal.
On Saturday, effect was started to be see as Gold prices both pure and standard in Delhi hiked by Rs 960/ 10 gram, touching the line of Rs 30,300, while huge hit was likely to seen in Chennai with record of Rs 1,100 per 10 gram to reach Rs 30,380.
In Mumbai, hike of Rs 890 has marked in Standard gold recorded a lifetime high of Rs 29,895 per 10 gram and pure gold rose up Rs 895 to cross line of Rs 30,000. In Kolkata the precious metal was selling at Rs 30,245 per 10 gram.
At this time while rupee weaken continuously, the global markets prices jumped to much high even more that past 10-months due to pressure of Euro crisis, buying the dollar, an alternative to gold and depreciating the Indian rupee that raise the economic burden over the country.
As per source said, Gnanasekar Thiagarajan, director at Commztrendz said,”I won’t be surprised if it touches $2,000 an ounce in a few months although the gains would be capped if the rupee begins to strengthen.”
It has been said that just in wake of US Federal Reserve expectations to boost the sagging economy on the back of weak employment numbers, another round of monetary stimulus, suddenly demand for gold rose up.
Stock records said that the hit has upto 35% of domestic prices after precious metal raised $66 an ounce to $1,626 in New York.
Moreover, higher gold prices shows a hit of demand in imports and contributed to a higher trade deficit in India that stop decreasing slope of rupee.
