Gold to remain sideways on global uncertainty

FE Team | Published: December 12, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

MUMBAI, Dec 11 (Business Standard): Gold price is likely to remain sideways this week due to uncertainty in global economy. The metal, of late, has started losing its status as safe haven investment avenue at the time of global economic crisis. The metal remained range-bound during the past one week and closed at Rs 28,915 per 10g on Saturday in Mumbai's Zaveri Bazar, a marginal decline of 0.36 per cent. In dollar terms, however, the decline remained slightly severe with the yellow metal closing at $1,711.60 an ounce on Friday. The metal witnessed a fall of two per cent during the week. "There has been no clear indication from the euro zone which can provide the global economy a headway. Hence, the metal may remain sideways this week," said Naveen Mathur, associate director, Angel Broking.