New Delhi, Gold prices are just five rupees away from all-time record as rates rose by Rs 235 to Rs 30,745 per 10 grams on brisk buying by stockists today ahead of the busy marriage season amid a surge in global markets. The price rose by Rs 235 in the national capital. Gold prices in Mumbai increased by Rs 180 to Rs 30,420, in Kolkata the rates rose by Rs 240 to Rs 30,725 and the prices of the precious metal inched up by Rs 85 to Rs 30,415 in Chennai.
Gold prices had touched a record of Rs 30,750 per ten grams on June 19 in the national capital. "There has been sluggish demand for gold in the country because of prevailing high prices. Today's increase in prices would further affect sales ahead of marriage season," Bombay Bullion Association President Prithviraj Kothari told PTI. Gold demand in August is expected to be down by 50 per cent at 30-35 tonnes from over year-ago period, he said.
According to analysts, the domestic prices rose close to record level today following global market where gold remained bullish on hopes that the European Central Bank would take steps to contain region's debt crisis. Investors have started shifting funds from equities to bullion, they said, adding that rupee depreciation to 55-level a dollar have also led to a spurt in landed cost of domestic gold prices.
Gold demand in India, the world's largest consumer, has been stymied in the last few months due to a hike in import duties and record-high local prices due to a weak rupee. In a recent report, the World Gold Council had pegged gold demand in India to be down at 650-750 tonnes this year from 933 tonnes in 2011 calendar year. In London, gold today gained USD 5.70 at USD 1,644.30 an ounce, its highest level since May 7, rising for a sixth day on speculation European leaders may agree steps to contain the debt crisis.
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