Friday January 11, 01:19 PM
India spot gold surges to record highs despite sluggish local demand
MUMBAI (Thomson Financial) - Indian spot gold prices hit record highs Friday despite slack domestic demand as the yellow metal breached previous records overseas, market participants said.
In London, gold steadied above the 890 usd an ounce level, after hitting record highs as the US dollar weakened after the Federal Reserve hinted at aggressive rate cuts.
'Local buyers are unwilling to accept these record prices,' said Prithviraj Kothari, director at Riddhi Siddhi Bullion Ltd, a Mumbai-based trading house.
Even the supply of scrap gold to local markets is expected to slow because of the bullish near-term outlook for the metal, he added.
Mumbai gold of 0.995-purity closed 215 rupees higher at 11,355 rupees per 10 grams, while gold of 0.999-purity closed 210 rupees higher at 11,405 rupees per 10 grams.
Silver of 0.999-purity closed 390 rupees higher at 20,625 per kg.
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