Gold prices touch Rs. 24,300-24,500 per 10 grams

Gold prices touched a record of Rs. 24,300-24,500 per 10 grams across various exchanges in India on Friday, 5th August 2011, which crossed the peak of last year - Rs. 20,000 per 10 grams, during the festive season. The concern of the sudden crash in stocks, a weakening U.S. economy and the euro debt crisis is pulling investors towards gold as a safe haven. After Standard & Poor gave the U.S. the credit rating of 'AA+', moving it down from its previous level of 'AAA', the ripples were seen in the fall of the stock markets and the dollar as an investment.

Also, in India, the onset of the festive season has lent to the increase in demand, and an increase in prices. Media reports suggest that buyers will deliver a good demand in the forthcoming Diwali season despite such price hikes.

In the global markets, gold prices touched USD 1,666.8 on Friday, rising further from USD 1,681 the previous day.