Mumbai, Feb 05: Gold prices opened at an all-time high of Rs 6,000 per ten gram on the bullion market here today following heavy panic buying by investors due to fear of war between US allies and Iraq. The chances of military action against Iraq increased as US Secretary of State Collin Powell was to make a crucial presentation at the UN Security Council to convince the members that Iraq was hiding its weapons of mass destruction. The fear drove investors to scramble for the yellow metal, market analysts said. The panic buying had started yesterday itself in the world market as at the New York commodity division of the mercantile exchange, gold bolted to a seven-year high of $380 per ounce on waves of fresh buying and was heading towards the $400 mark, they said.
Bureau Report