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Gold prices continued to rally as the rupee hit another new low on Wednesday. In Mumbai, standard gold gained Rs 680/10 gm at Rs 33,265, while pure gold was up by Rs 700 to Rs 33,430/10 gm. Gold prices in the futures markets also rallied indicating that the firm trend in gold prices may continue for some time. The yellow metal for October delivery reached a new milestone of Rs 34,622/10 gm following sustained rally in the international markets.
On Comex, gold prices hit a three-and-a-half month high of $1,430 an ounce due to rising tension over Syria.
Sugandha Sachdeva, Assistant Vice-President, Religare Securities, said demand for physical gold in Asia, however, has slowed this week as spot prices surged to more than three-month highs and emerging market currencies have plunged substantially.
>suresh.iyengar@thehindu.co.in
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