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Gold prices spike to hit all-time high

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Kochi: Gold prices surged to an all-time high, as tension gripped the Middle East region after a US air strike in Iraq killed the commander of Iran's elite Quds Force. The attack prompted the investors to rush into safety assets.

In Kerala, the hike in the last two days was Rs 440. Though the price of gold had come down to Rs 29500, yesterday the price rose by Rs 80 per gram (the same price on December 31).

On the MCX, gold contracts for February rallied nearly 2 per cent to trade at Rs 39,993 per 10 gram while silver also jumped over 1 per cent. COMEX gold rallied to hit a high of $1543.7/oz, the highest level since September.

The Indian rupee on Friday fell to 71.77 against the US dollar as oil prices rose sharply.

This also resulted in the hike in gold price in the international market. Another reason is bulk buying of gold by international investors.

Within days, the gold price will cross Rs 30,000.

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