New Delhi, Jan 8 (IANS) Gold regained its sheen after nine weeks as the Indian equities markets slumped following the great fall of the Chinese market.
The yellow metal regained Rs.26,000 per 10 grams mark on Thursday and on Friday it was hovering around Rs.25,927 per 10 grams in the Multi Commodity Exchange.
“Traditionally gold prices go up a bit towards the second week of January every year globally as people start buying it after coming back from Christmas and New Year holiday,” Bachhraj Bamalwa, partner, Nemichand Bamalwa & Sons told IANS.
“This year the buying phenomenon has gone up as the Chinese market slumped and people started buying gold as this is an alternative asset class,” he added.
Higher buying trend of the yellow metal has helped the prices go northward.