NEW DELHI (Commodity Online): India gold prices surpassed the record it set on Wednesday by climbing Rs 130 per 10 grams to Rs 30,550 on Thursday as weak rupee continues to impact prices.
On Wednesday, Indian gold prices rose by Rs. 270 to Rs. 30,420 per 10 grams and surpassed its previous record of Rs. 30,400 set on June 6.
Silver also advanced on Thursday by Rs. 100 to Rs. 55,700 per kilo gram due to strong demand from industrial units and coins makers.
In New York Mercantile Exchange, gold perched above $1,600 an ounce on Wednesday, retaining most of its gains from the previous session as prices were supported by persistent worries over Spain?s surging borrowing costs.
India, the world's biggest gold consumer, had imported 969 tonnes of gold last fiscal.
Morgan Stanley conducted a survey of 2,019 urban and rural gold buyers across 16 Indian cities for urban consumers and 8 Indian states for rural consumers. The survey report notes that Indians own 20,000 tonnes of Gold Bullion worth $1 trillion.
Household gold consumption appears to have gone up to $45 billion in 2011 from $19 billion in 2009. To put things in perspective, India's gross domestic product (GDP) is inching closer to $2 trillion. This means, the value of gold held by Indians comprises nearly half of the country's GDP.
Gold accounts for one-third of the household portfolios Morgan Stanley surveyed.
The love of gold in India goes far beyond a simple source of future profits. It's an expression of wealth, financial security and family stability. It also carries religious overtones. In addition it reflects his attitude to business, government and government bureaucracy. The net result is a structure that's oriented to family and financial self-preservation.
NCDEX STEELLONGJUN12 20 June 2012 contract was trading at Rs 0 . What's your view on it?
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