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Journalism of Courage
Gold prices in India scaled a fresh peak on Thursday responding to a rally in the global market,with the precious metal soaring by 1 per cent to Rs 32,300 per 10 gram in Delhi.
Gold prices gained 2 per cent per cent in Delhi in the past three days and 5 per cent in the last two weeks. The price of the precious metal climbed by Rs 220 to a record Rs 31,700 per 10 grams in Mumbai.
Gold rose in the range of Rs 175 to Rs 275 per 10 grams with prices touching Rs 32,175 in Kolkata and Rs 31,960 in Chennai. A weak rupee and fresh buying ahead of the marriage and festival season also aided the rally.
The rupee closed at a nearly 6-week low of 55.91 against the dollar on Wednesday,offsetting any gains due to a fall in global gold prices,before gaining a bit to settle at Rs 55.56 on Thursday.
The rupee has lost 14.3 per cent since its best performance this year on February 3. The Indian currency has shed 4.8 per cent against the greenback since January 1 when it was at 53. India,the worlds biggest gold consumer,barely produces any gold and usually imports to meet its ravenous appetite.
