<div>Gold prices zoomed to a record high of Rs 34,500 per ten gram with a biggest ever single day surge of Rs 2,500 in opening trade in bullion market on Wednesday, 28 AUgust, amid the rupee hitting historic low of 68.75 a dollar.<br /><br />The current upsurge surpassed its record price of Rs 32,975 per ten gram, set on November 27 last year, with its biggest ever single day surge as panic-striken investors rushed to purchase gold as a safe haven during current financial crisis when forex and equity melting fast.<br /><br />The rupee has been witnessing an unprecedented plunge in its value as it dropped to an all-time intra-day low of 68.75 per dollar today, while the BSE benchmark Sensex also declined sharply.<br /><br />"The bullion demand has got a boost as the rupee hit fresh record low and equities tumbled, leaving no place for investors but to park their funds in gold as a safe-haven," Surender Jain, Vice President, All India Sarafa Bazar told PTI.<br /><br />He said the yellow metal climbed to over three-month high in global markets as speculation that the US could lead military action against Syria within days spurred investors' demand for a haven.<br /><br />A Delhi-based bullion merchant Rakesh Anand said the outlook for gold is bullish as dollar-priced metal moving hand-in-hand with forex market and shifting of investors funds from melting equities.<br /><br />"Gold will have more upward strength in coming days keeping in view the approaching festival and marriage season," Anand said.<br /><br />The gold in Singapore, which normally set price trend on the domestic front here, dropped by 0.3 per cent to 1,419.55 dollar an ounce.<br /><br />Traders said a steep rise in gold prices on the Multi Commodity Exchange in early trade today further supported the uptrend, indicating more demand for the precious metals in coming sessions.<br /><br />(PTI)</div>
