Gold goes beyond commoners’ reach

The gold price is fast approaching Rs 50,000 for a tola (11.664 grams) as the domestic market today saw its trading at Rs 49,394 per tola.
The precious yellow metal price took a leap of almost Rs 2,000 from yesterday's price of Rs 47,500 per tola due to European and US debt crisis.
The global bullion market saw the yellow metal surging to $1,775 per ounce on intra-day trading today as the investors’ confidence in paper currency seem to have eroded due to European and US debt crisis.
The international commodity market witnessed gold price surging to $1,721 per ounce from yesterday's $1,680 for an ounce. The yellow metal had shot past $1,600 per ounce in April.
The commodity analysts attribute the speculative buying by the investors aided by the gloomy economic scenario as the reason for such rally of gold. The Eurozone debt troubles are yet to be abated.
However, the downgrading of US credit rating by Standard & Poor credit rating agency has pushed the investors towards gold and precious metals. The investors want to hedge themselves from the possibility of the much-feared double dip recession.