MUMBAI: Gold crossed Rs 28,000 per 10 grams on Friday, an all-time high, in the national capital on firming global cues.
International spot gold surged to record highs on Friday for a second consecutive session as investors reached for the safety of bullion amid a worsening economic outlook for the United States and concern about the health of Europe’s banks.
Spot gold rose more than 1% to an all-time high of $1,844.55 an ounce, before easing to $1,842.
International gold could hit $1,900 an ounce in the next six months, driven by buyers seeking an investment safe from global economic problems, but a further rise to $2,000 looks unlikely, metals consultancy GFMS said on Thursday.
Indian markets were witnessing sell-off across the board as a sharp correction in the US on concerns of global economic growth. The worst hit were stocks from technology, capital goods and banks while realty space was marginally in the green. (Agencies)