Gold crosses Rs 13000 level..!

Gold, an all weather investment option, sparkled like never before in the Indian Bullion Markets across the country on Monday with its rates crossing Rs 13,000 per 10 grams level in Kolkata, breaking all previous levels, and surging to historic level in Delhi.

In Kolkata, Gold scaled a new peak at Rs 13,005 per 10 grams by gaining Rs 220. In Delhi, the metal settled at an all-time high of Rs 12,800 per 10 gram, a gain of Rs 200 over its previous close. In Mumbai, it rose by Rs 180 at Rs 12,745 per 10 gram while in Chennai it shot up by Rs 175 at Rs 12,695 per 10 gram.

Traders said a slew of factors such as rising oil prices, softening of US dollar and a plunge in global stock markets contributed to gold's record prices in global markets. The domestic prices follow the international rates, they added. In Asia, gold shot up to an all-time high level of 984 dollar an ounce after the dollar touching record low and crude oil to a record high.

Gold is seen as a hedge against inflation and its prices go up in sync with oil prices. The precious metals such as gold and silver remained best performing financial assets this year so far. High inflation rates and slowing growth erode the value of the world's major currencies, bonds and stocks, but gold has not only retained its investment appeal but in fact bettered it, they said.

Keywords: Gold, Commodity, Silver,