Gold is likely to test record high this week on concerns that heightened tensions between the West and Iran might worsen, prompting investors to buy the yellow metal to hedge risk.
With gold prices likely to cross $1,800 an ounce, traders and analysts say the domestic spot prices may surpass the previous record of Rs 29,140 per 10 grams that the metal had touched on November 16. Backed by strong fundamentals, the metal on Saturday closed at Rs 28,510 per 10 grams on the Multi Commodity Exchange (MCX).
Image: Replica gold bars confiscated by Swiss customs are displayed during the Swiss customs annual news conference at the Euroairport in Basel-Mulhouse February 7, 2012.
Text: Business Standard