Gold prices touches the magical $1100 mark

At a time when the world economy is still at the clutches of recession, and investors favoring Gold as alternate commodity to dollar, you only expect the prices to surge. Today (6/Nov/2009), the gold per ounce price breached record $1100 mark. Although Indian Rupee strengthened against US Dollar, the gold prices in the local market were still at a record level. As per The Madras Jewellers and Diamond Merchants Association, the per gram 22ct gold rate in Chennai was about Rs:1563. The peak price of gold (1 gram 22ct) was Rs: 1482 during first week of October, however November first week witnessed an increase of approximately Rs:80.

Srikanth Ramu