Gold touches Rs.34,600 per 10 grams

The price of 24 carat gold soared to Rs.34,600 per 10 grams on Wednesday as stockists and investors bought the yellow metal amidst supply constraints as there have been no imports since July when the government hiked duty.

The yellow metal had touched Rs.32,585 per 10 grams in the domestic bullion market Tuesday.

The rupee depreciating to new lows, along with a supply crunch, have led to gold prices spiralling to new highs.

The partially-convertible rupee slumped to a new low of 68.75 against the dollar Wednesday.

File Photo  : AFP