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Analysts Expect Yellow Metal to Cross Rs 27,000 Mark

  •   Wed, Aug 10 2011 12:58:36 PM

Daijiworld Media Network – Mumbai (SP)

Mumbai, Aug 10: The market analysts, who have been closely watching the meteoric rise of the prices of the bullion since the last some weeks, now say that they will not be surprised if the prices cross the Rs 27,000 mark for ten grams of gold by Diwali.

Buoyed by the spurt in the demand for gold in view of ensuing festival season, and perhaps on account of the diversion of investment to gold because of falling share prices, gold has been registering unprecedented rise. Bombay Bullion Association president, Suresh Hundia, noting that the demand for gold has not been affecting in spite of the fact that its prices have been spiralling on a daily basis, expects gold to break all previous records in the coming months.

The price of gold in Mumbai stood at Rs 24,930 for ten grams on Tuesday. As against this, the price at New Delhi has gone up to Rs 25,230, registering an increase of Rs 1,540 per ten grams during the last week. While the sharp escalation of prices of gold has made the gold merchants happy, the phenomenon has also given rise to an apprehension that the prices might crash any time. Hundia said that import of gold may suffer if the gold prices continue to maintain the present buoyancy. 

  

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Comment on this article

  • Bulsam, Mangalore

    Wed, Aug 10 2011

    When the world economies lost trust on the US Credit Bonds the next best option left was to convert their foreign assets to yellow metal. The US is enjoying their luxury life styles on world’s wealth and becomes shaky on their repayment sources in accordance to their GDP.
    World financial leaders are worried about the fallout from increased US debt and the recent USA government credit downgrade by S&P. Mr. Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.”
    This is the beginning of the downfall of all developed countries and the rise of all developing countries like China and India.

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