Gold price touches new high, crosses Rs 31k mark

Today the price of gold has touched a new record high. According to reports, one sovereign of gold has crossed Rs 30,000 in Chennai gold market. With wedding season ahead, the middle class and poor families are clueless as to how they would buy this yellow metal. It Rs 31,088 per eight grams todayExperts say that prolonged China-US trade conflicts and weakness of the rupee against major currencies are reasons for its price rise. Because of the rate cuts announced by the RBI, the rupee has weakened, it led to increase in gold rate.

Fast approaching are busy wedding season and no marriage is complete without gold jewels. The expense o gold is bound to burn a hole in their pockets, say many. Revenue Secretary Ajay Bhushan Pandey said that the government was looking at how to standardise gold prices, something which needs to be addressed. He said gold prices were moving up as people the world over have started shifting their investments to other asset classes, including gold.