New Delhi, Oct. 8 -- Gold lovers who have waited long enough for prices to fall have given up, flocking back to jewellers over the past few days as the metal's relentless rise makes them jittery. According to industry officials, FOMO, or the fear of missing out, has taken hold, triggering a surge in retail demand for bars, coins and ornaments as gold trades at never-before prices.

Benchmark gold price on commodity derivatives exchange MCX hit a record Rs.121,000 per 10 gm on Tuesday. The price took cues from abroad, where gold extended its tearaway rally following the US government shutdown, weakening dollar and political and economic chaos in France.

Despite soaring prices, this year's Diwali may set a new record in sales, an industry ...