Gold prices hit Record High, World Bank asks Bappi Lahiri to step In

New York

Gold prices have hit a new historic high this week, and the World Bank fears they might rise further given rising demand in the U.S. and European markets during the holiday season.



However, the World Bank is most concerned about the rising demand for the precious commodity from the world’s largest gold consumer, Mr. Bappi Lahiri, the music director from India known for his taste for the yellow metal. Mr. Lahiri, fresh from his success with his new TV show is said to be the single largest reason for this spike in gold prices. World Bank President, Mr. Paul Wolfowitz has asked Mr. Lahiri to desist from making further purchases of gold jewellery until the present crisis in the world markets passes over. Further, Mr. Wolfowitz has appealed to him to release a small proportion of his jewellery supplies into the world markets in order to help small countries which are feeling the squeeze to replenish their gold reserves.



Mr. Wolfowitz has estimated that world gold prices could reduce by upto 25% if Mr. Lahiri were to release just 2% of his jewellery collection into the market. Mr. Lahiri, however, has refused to co-operate with the World Bank unless he is compensated for the gold he releases in the form of platinum arm bands and necklaces.