GOLD AT NEW HIGH

Gold seems to be enjoying a solo run amid global economic gloom. In spite of the global malaise of recession and the attendant job cuts and cut-backs in industrial production, gold continues to live up to the old adage of being a recession-proof and inflation-proof investment. Gold is trading at a seven-month high of above $950 an ounce and has scaled a record high above Rs.15,000 per 10 gm in Mumbai. It touched a high of Rs.15,230 on Tuesday compared with Rs.11,500 registered on February 17, 2008. Gold prices have moved up 30 per cent in the past three months alone and fund majors are understood to be pouring huge amounts of money into gold and buying the metal regularly.

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