NEW DELHI (Commodity Online) : Gold prices surged to all time records in India and neighboring Nepal as the marriage season demands more purchase of the yellow metal.
In India, world's largest gold market, prices zoomed to an all-time high of Rs 19,050 per ten grams here while in Nepal prices rose to another record high of Nepal Rs 30,910 per 10 grams.
Bullion in the Asian region gained as much as 0.5 per cent to $1,222.47 an ounce, its highest level since May 19, as the euro extended its 2.4 per cent decline against the U S dollar last week.
The precious metal's rise in future trading was another supporting factor boosting the sentiment in the physical market.
Gold has gained 8.3 per cent over the past two months in global markets and reached a record $ 1,249.40 an ounce on May 14 on concerns that European measures to cut deficits and contain sovereign debt risks will curb growth in the region and weaken the euro.
Emerging and Asian countries' efforts in supporting the recovering global economy are still marred by the European debt crisis and weak consumption pressurizing the gold price in the international market.
Gold has risen by 0.35 per cent to $1220.40 in the international market. Precious metals, and especially gold, are used as a safe haven against depreciating currencies.