Gold is in the midst of a 'mega bull run' as it scaled a new historic high of Rs 20,200 per 10 gram (Rs 23561 per tola) today up by Rs 310 from yesterday's price of Rs 19,890 per 10 gram.
"The precious yellow metal might cross Rs 25,000 per tola (a local unit that is equal to 11.664 gram) soon, the gold traders say. The price of the precious yellow metal has been rising steeply in the last two weeks.
Similarly, the price of silver has also posted yet another record of Rs 393 per 10 gram (458.40 per tola) today up by Rs 3 from yesterday's Rs 390 per 10 gram.
Internationally, gold and silver are asset class, so these two metals had generated a compounded annual growth rate of 14.41 per cent and 17.34 per cent respectively in the last seven years.
In the international market also, gold price touched a fresh high. The price of gold rose to a record high of $984.95 an ounce today, extending gains on the back of a weak dollar and its safehaven status amid concerns about rising inflation.
The dealers said that against a backdrop of inflation and fears the US economy could be at risk of recession, investors were looking to gold and other precious metals for safety.
It, however, later slipped back to $981.35. On the London Bullion Market, the price of gold has closed at $971.50 on Friday.
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