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Monday, September 5, 2011

Gold surges to new highs

Investors sensing the whiff of debilitating global economies are diverting their funds in Gold and therefore gold continues to make new highs.
What is amazing that despite COMEX increasing margins by 27%, gold is still rising.
By the time of writing this post, international price of gold was 1891$ per ounce while in India gold is trading at Rs. 28,172 per 10 gram.
Gold prices in India shot up more in comparison with the international price as Rupee is getting weaker against the dollar. Domestic price of gold in a country is determined by the exchange rate of its currency against the US dollar.
Come October and gold prices are supposed to rise further due to festival and wedding demands.
Since long I have been recommending my blog readers to buy gold systematically.

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