The Hindu : Gold prices at all-time high

Online edition of India's National Newspaper
Tuesday, Jan 28, 2003

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Gold prices at all-time high

NEW DELHI JAN. 27. Gold prices shot up today to hit an all-time high in markets across the country, closing at Rs. 6020 per ten gram in Delhi on aggressive buying by speculators and investors apprehensive over the gathering war clouds over Iraq.

Delhi, which had the maximum level at Rs. 6020 per ten gram, showed another gain of Rs. 50 from the previous close while Mumbai scaled a new height of Rs. 5960.

In Chennai, the price of 22-carat gold moved up to Rs. 5490 per ten gram while in Kolkata the market remained closed due to a strike.

The upsurge was on the back of growing concerns of war which fuelled buying by major market players finding no other option but to pump in their funds into the purchase of the yellow metal. Tumbling equity markets and the U.S. dollar losing ground in Forex markets were also attributed to diversion of investors' funds in precious metals. — PTI

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