The Phaserl


Gold breaches psychological Rs 30k peak, set to rise further in India

The campaign is aiming to activate some of the gold currently lying fallow with individuals, banks, high networth individuals, charitable trusts and even temple trusts.

by Shivom Seth,

Gold prices hit a seven month high in India of $498 (Rs 31,525) per ten gram on August 19, given the sustained buying by stockists and investors, ahead of the festive and marriage season. After its biggest single day rise in two years on August 16, the precious metal advanced to a level last seen on December 18, 2012 due to a tumbling rupee and equities.

Traders said the festival of Raksha Bandhan (which caters to sibling bonding) to be celebrated across the country on August 20, is set to further fuel demand for the precious metal pushing prices even higher this week, and running on to the next.

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