Gold prices continued to surge, touching an all-time high of Rs. 21,000 in the Delhi bullion market on Wednesday. The on-going marriage season and concerns over Europe’s debt crisis boosted demand for the yellow metal.
The prices of silver also set a new record on Wednesday, touching Rs. 43,950 per kg in the Delhi bullion market.
Globally, most of the commodities wrapped up November with price gains, especially metals. The star performers for the month were silver, palladium and gasoline. Gold traded above $1,400 an ounce for the first time, silver set a settlement high for the year and oil hit a two-year high.
Much of the movement can be traced to shifts in the global economy. Early optimism about improving economies in Asia and emerging countries has given way to concerns about Europe's debt problems.
The other factor is the strengthening dollar. Since commodities are priced in dollars, a stronger dollar makes them more expensive for buyers who use other currencies.
