Gold prices shot up to a new high of Rs 7,050 per ten gram at the opening session in the bullion market in Mumbai on Wednesday due to heavy demand.
Standard gold (99.5 purity) started the day at a new record high of Rs 7,050, showing a sharp rally of Rs 50 over Tuesday's close of Rs 7,000 on heavy stockists' buying.
Previous highest level for the metal was Rs 7,020 recorded on November 13. Pure gold (99.9 purity) also opened at a record high of Rs 7085, displaying a smart gain of Rs 45 over Tuesday's close of Rs 7040.
With today's gain, gold had zoomed by a whopping Rs 175 in the last one month. During wedding season, gold attracts heavy demand and to meet the increased demand stockists have to stock more gold, dealers said.
This year due to high prices in the overseas market the domestic prices also shot up, they said.
