Wednesday, 12th October 2005 (4620 views)

Indian spot gold prices hit record levels of Rs 6,940 per ten grams of 24-carat gold on Tuesday October 11th.

This high mirrors the worldwide trend of rising gold prices, which has seen gold touch $480 a troy ounce. It has also reached an all-time high in Europe, trading at over 400 euros an ounce.

Traders are predicting a further rise in prices, which could see Indian gold prices augmented by a further Rs 200, reported India's Financial Express.

Demand is currently high in India ahead of the festival season and is expected to grow by between ten and 12 per cent in the medium-term.

With Indian gold consumption already the highest in the world and several gold festivals currently taking place, demand for the precious metal could well push prices even higher.

 

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