Gold managed to reclaim the psychological Rs 30,000/10 gram level on Friday
Posted on: 17/Aug/2013 12:29:57 PM
Govt`s recent curbs on imports trigger fears of supply shortage; but a rupee appreciation can bring down prices.
After five months, gold managed to reclaim the psychological Rs 30,000/10 gram level on Friday and closed at Rs 30,690 in the Mumbai bullion market, up from Wednesday’s close of Rs 29,520, the highest single-day gain – Rs 1,170 – in the last five years.
The last time the gold price rose comparably was in September 2008 when it spiked Rs 1,265.The rupee depreciation helped in driving gold prices up. In the last one month, gold has gained 15% or Rs 4,055 as the rupee declined 4% from Rs 59.32 to the dollar (it posted a record closing low of Rs 61.71on Friday).
