Gold price shoots up

CHANDIGARH, Nov 20: The prices of gold today shot up to Rs 4,230 from last week's Rs 4,160, giving rise to speculation and putting off many ...

CHANDIGARH, Nov 20: The prices of gold today shot up to Rs 4,230 from last week’s Rs 4,160, giving rise to speculation and putting off many potential buyers in the City today.

Although the rates of the yellow metal have been steadily climbing up, the prominent leap came today as there was an increase of Rs 60 in gold prices in a single day. While the 22 carat ornament gold was priced at Rs 4,230 per 10 grams, standard gold was available for Rs 4,380 today.

The hike of rates is being attributed by the local jewellers to the increase in international bullion rates in London coupled with the rising rate of the US dollar, although the latter increase is marginal. Says Shiv Talwar of Krishna Jewellers, Sector 19:" Since there has been an increase in the international rates, the local market too has been affected." Foreseeing further increase in rates, Talwar said that gold prices are expected to go up by at least another Rs 50 tomorrow.

R.C.Kataria of Delhi Jewellers Sector 19 said:" The prices of the yellow metal have been steadily increasing and the hike today is not really abrupt. Also the dollar rates have gone up marginally affecting the prices".

Many potential gold buyers discouraged by the hike in prices today postponed purchase in the City. Rajiv Khosla, a resident of Sector 18 said:" I had planned to purchase a couple of sets for my sister’s wedding today but I’ll do it later now when the rates comedown".