Experts differ on future trajectory of gold prices
Monday, 10 October 2011
MUMBAI, Oct 9 (Economic Times): Gold will witness further bullishness and prices are expected to cross Rs 29,000-30,000 per 10 grams by Diwali, according to the Bombay Bullion Association.
"We expect gold prices to shoot up to Rs 29,000-30,000 per 10 grams by Diwali due to local demand," Bombay Bullion Association President Prithviraj Kothari said.
The metal is still considered the best bet for hedging, with no end in sight to the global economic turmoil, Kothari said.
Standard gold (99.5 per cent purity) was being quoted at Rs 26,215 per 10 grams, while pure gold (99.9 per cent purity) was being sold for Rs 26,355 per 10 grams in Mumbai Saturday.
However, in contrast, brokerage firm Maya Iron Ores Chairman Praveen Kumar said in the domestic market, gold prices will hover between Rs 25,970 and Rs 26,460 per 10 grams in the short-run.