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Issue No.: 559 | January 2014
 

Gold hits a new high

Hanspal Amandeep Kaur
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Gold rates in India have skyrocketed and broken all its past records. The major reason for this drastic change was the collapse of the Indian currency against the US dollar value. India's currency crisis has major implications on domestic gold demand thus affecting global gold prices. The recent recession in the world economy has caused heavy losses to major investors who depended more on securities and company shares. 

Gold, used throughout history as money, has been a relative standard for currency equivalent specific to economic regions or countries until recent times. Rise in gold price has reinforced this fact and despite all the economic slowdown and job cuts, gold markets are surging ahead with great force. In the past couple of years, value of gold has risen from a mere 6,000 rupees to a mountainous amount of 30,000 rupees per 10 gm. Gold has also appreciated around 10% to 25% in different economies. Global gold markets have also raised the demand for used gold where people buy and sell scrap gold at attractive prices. As far as the trading world is concerned, gold rates fluctuate every minute. 

Today's gold rate in India is about 30,000 rupees for 24 karat. However, within a matter of an hour or two, it can either rise to 32,000 or dip below 30000. Because of the constant shift in gold rates, there is always uncertainty surrounding it. Rates in India are totally dependent the day’s supply and demand whether it be in the domestic or the international market with newspaper headlines screaming........GOLD HITS A NEW HIGH.

 HANSPAL AMANDEEP KAUR, TYBA (History),
G. N. Khalsa College, Matunga, Mumbai -19 
 amritakaur.kaur@gmail.com

 
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