Gold may get costlier by 24pc on Dhanteras over last year
Monday, 1 November 2010
NEW DELHI, Oct 31 (PTI): Gold is likely to be expensive by 24 per cent to over Rs 20,000 per 10 gram in the national capital on Dhanteras, a day considered auspicious for buying the precious metal, as compared to year-ago period, according to the Delhi Bullion Market.
Gold prices were ruling at Rs 16,200 per 10 gram and Rs 12,070 per 10 gram on the Dhanteras day in 2009 and 2008, respectively, the trade data showed.
Presently, gold prices are ruling firm at Rs 19,925 per 10 gram, almost close to the record level of Rs 20,120 set on October 15.
"Prices of the precious metal have been on the rise in the last couple of months and on the Dhanteras day, too, gold may further firm up to over Rs 20,000 per 10 gram," Delhi Bullion Market President Surender Jain told newsmen.
The rally in gold prices is more due to global cues than the domestic demand, which is expected to be normal on November 3 -- the Dhanteras day, when jewellers register the highest gold sales in a year, he said.
"High prices may deter buyer's spirit to buy gold in big volumes, but demand would definitely be there for gold coins in smaller denomination," Chandni Chowk Jewellers Association Secretary Bishan Seth said.
However, gold rates are unlikely to decline below Rs 19,500 per 10 gram in the short-term considering uncertainty in the currency market and performance of other assets in the global market, he observed.
Gold prices were ruling at Rs 16,200 per 10 gram and Rs 12,070 per 10 gram on the Dhanteras day in 2009 and 2008, respectively, the trade data showed.
Presently, gold prices are ruling firm at Rs 19,925 per 10 gram, almost close to the record level of Rs 20,120 set on October 15.
"Prices of the precious metal have been on the rise in the last couple of months and on the Dhanteras day, too, gold may further firm up to over Rs 20,000 per 10 gram," Delhi Bullion Market President Surender Jain told newsmen.
The rally in gold prices is more due to global cues than the domestic demand, which is expected to be normal on November 3 -- the Dhanteras day, when jewellers register the highest gold sales in a year, he said.
"High prices may deter buyer's spirit to buy gold in big volumes, but demand would definitely be there for gold coins in smaller denomination," Chandni Chowk Jewellers Association Secretary Bishan Seth said.
However, gold rates are unlikely to decline below Rs 19,500 per 10 gram in the short-term considering uncertainty in the currency market and performance of other assets in the global market, he observed.