Gold nears Rs 30,000 mark as economy staggers


29/04/2012 09:13 AST  The Times of India
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Gold is now staring at the Rs 30,000 per 10 gram mark for the first time after equalling the previous record of Rs 29,540 on Saturday.

Just when people had started writing it off, the precious metal has staged a comeback, rising nearly Rs 550 per 10 gram over the last week, largely due to the low faith that investors have in the economy. Although internationally gold is trading at $1,662 an ounce - still 16% lower than last September peak of $1,924 - a near 15% depreciation in the value of the rupee against the dollar since September 2011 has meant that the yellow metal is back to the level last seen on December 8, 2011.

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