The depreciation of the rupee vis a vis the dollar coupled with high import cost of gold has resulted in a rally in price of the yellow metal which climbed in the range of Rs 1000 to Rs 1,200 during the past two days in Raipur city.
Gold was retaling at Rs 30,800 per 10 gram on Friday in the local bullion market.
Bullion trader Nikesh Badariya in Raipur stated: The fall in sensex with two per cent hike in the import cost of gold has triggered a rally in gold prices in the local market .'The common investor's faith in gold is back which could be a factor which has enhanced buying sentiment in the yellow metal', he added.