Gold price touches record high of Rs 58,700/10g in Ahmedabad

Gold prices touched another lifetime high of Rs 58,700 per 10 gram in the Ahmedabad market on Friday.

Dismal economic indicators in the US sparked fresh fears of a global recession, leading gold prices to climb to another record high.

Earlier this week, gold touched Rs 58,500 per 10 gram in the domestic market.

According to analysts, gold is expected to continue its upward rally in the coming days.

The impact of the rise in gold prices is clearly visible in jewellery businesses.

At least 70% of gold jewellery purchases are taking place through exchange now.

Even bullion demand has taken a big hit. In fact, industry players fear that gold is being heavily procured through unofficial channels thanks to the high import duty on gold.