Gold – all time high, Rupee – all time low

Gold prices zoomed to a record high of Rs 34,500 per ten gram with a biggest ever single day surge of Rs 2,500 in opening trade in bullion market today amid the rupee hitting historic low of 68.75 a dollar.

The current upsurge surpassed its record price of Rs 32,975 per ten gram, set on November 27 last year, with its biggest ever single day surge as panic-striken investors rushed to purchase gold as a safe haven during current financial crisis when forex and equity melting fast.

The rupee has been witnessing an unprecedented plunge in its value as it dropped to an all-time intra-day low of 68.75 per dollar today, while the BSE benchmark Sensex also declined sharply.

The bullion demand has got a boost as the rupee hit fresh record low and equities tumbled, leaving no place for investors but to park their funds in gold as a safe-haven. The yellow metal climbed to over three-month high in global markets as speculation that the US could lead military action against Syria within days spurred investors’ demand for a haven.

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