Gold prices rise to record Rs 13,820

Gold has began to shine once again - its price touched a new historic high of Rs 13,820 per ten grams in the domestic market on Wednesday.

A pitch sea battle in the global equity markets has sparked off gold prices in international and domestic markets. In the international market the gold prices peaked at $925 per ounce, while in domestic futures markets it went up to Rs 14008 per ten gram.

As rosy at that sounds, know that the prices of gold have fallen from its day high after various central banks in US and Europe announced slashes in rates.

In domestic futures market, the price of Gold came down from Rs 14008 per ten grams to Rs 13,800 gram in the late evening... and in the US market, it came off from $ 925 to $ 915 following the rates cut. The rates were lowered by the Federal Reserve, European Central Bank and four other central banks for an emergency coordinated bid in order to ease the economic effects of the financial crisis. The Fed cut its benchmark rate by a half point to 1.5 percent. The ECB and central banks of the UK, Canada, Sweden and Switzerland are also reducing rates.

Gold has become the top commodity for investment once again as investors sweated in their pants thanks to the stock markets falling faster than fat rhinos. Its time the nightmarish credit crisis in the global financial markets ends.