BOMBAY: Gold prices shot up to a new recent high crossing the Rs 3500 mark on Monday in hectic trading amid concern over the tension in the middle east, dealers said.
Gold finished strong at Rs 3530.00 as against Rs 3420.00 last Saturday, showing a significant gain of Rs 110.00 from the weekend. The price was quoted at Rs 3530.00 on May 18, 1990.
Dealers said the rise could be attributed to acute shortage of stocks and stringent arrivals from unauthorized channels following conflict in the Middle East,
There seems little reason to sell gold until the tensions in the gulf countries ease, another dealer said.
Meanwhile the demand continu24 unabated for the festive season. Bullish upcountry advice also encouraged the buoyant trend. The firm trend was also aided by buoyancy in the overseas markets.
In London the prices of gold shot up to 399.90 dollars at the London fix from 388.75.
Article extracted from this publication >> August 24, 1990
