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Gold prices continue to skyrocket

Posted by on August 9, 2011 0 Comment

Hyderabad: The prices of gold continued to rise further, soaring to new record levels of Rs 26,260 per 10 grams of 99.9 per cent purity on Tuesday.

The price of standard gold of 22 carat purity reached Rs 25,620 in the city, according to a city jeweler.

The price of the yellow metal has been steadily rising in the past one and a half years, but has zoomed recently on the back of global investor fears and the ongoing marriage and festive season.

Fears over the downgrading of the United State’s credit rating by the Standard and Poor’s are also said to be the reason behind the investor’s fears. The downgrading of the US economy may possibly slow down the economic growth globally and investors deem it prudent to invest in the yellow metal.(INN)

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