Gold hits an all-time high on Wednesday

New Delhi: Gold investors have never had it better than this as the commodity touched an all time high of over Rs 15,600 per 10 grams on Wednesday.

Between 2006 and 2007, prices rose by Rs 1,000 for every 10 gms of the metal. But between 2008 and 2009, prices surged over Rs 4,000.

Most jewellery stores are seeing more and more customers who want to sell their old jewellery and cash in the rising prices. And at a time when most commodities are down and out, analysts see a glittering future for the yellow metal.

“In the past one year, gold has risen by 30 per cent and I think in the coming one month the commodity will rise by 10 per cent,” Chairman, Investment and Capital Market, ASSOCHAM, SK Jindal said.

The turmoil in global equity markets is driving investors to the metal. But retail buyers are turning to recycled gold jewellery as prices rise. Though, even that demand is muted.

“Earlier I would have got more for the same amount but now I need to settle for something smaller. This is upsetting me,” a dentist, Dr Rashmi Kapoor, said.

The price surge has called a complete halt to gold imports in the middle of the wedding season. But bullion investors are laughing all the way to the bank.

Gold at a new high