At 79k, gold touches another high

Ahmedabad: Driven by an international rally, gold price on Wednesday climbed to a new high of Rs 79,000 per 10g in the Ahmedabad market, increasing by Rs 500 from the Rs 78,500 in the previous trading session of Tuesday. Fuelled by concerns over inflation, tensions in the Middle East and fluctuating currency values, price of the precious metal has seen a consistent upward movement.
"As investors move towards safe-haven assets, and central banks increasingly procure gold, there is a marked rise in the yellow metal price in the domestic market. This could prove a deterrent to revenues of jewellers and bullion traders as the coming festival muhurats of Pushya Nakshatra and Dhanteras will see muted sales. At the same time, budgets of consumers for wedding season purchases will tighten," said Haresh Acharya, director, India Bullion and Jewellers' Association (IBJA).