On the London Bullion market, the price of gold kept up its momentum for yet another day, to log one more all-time high at $1,058 per ounce on the back of the US currency weakening further.
What that means is that if you are holding a currency that is holding its ground while the US dollar is falling, you can buy the metal at a cheaper rate. The Indian rupee was quoting tat a Rs 46.330 per dollar on Wednesday. However, while US dollar is falling against the Indian rupee, it is strengthening from lows against the British pound.
The commdoity had climbed to as high as $1,048.43 on Wednesday, which was the record then.