Gold is moving slowly to the point from where it had picked up and made life time high.
The reasons were global stock markets were passing thro' worst period and investors started investing in gold, which is a safe investment right since ancient times. From around 45 INR per dollar went to 51 INR per dollar. Investors preferred gold for investment and thus buying interest was increased and the supply remained the same. Price shoot up.
But now, stock markets have shown some improvement and sentiment is very strong now. Rupee is again trading at 49 - 50 per dollar. And the G-20 countries have decided to allow IFM (International Monetory Fund) to sell 403 tonnes of gold reserves in the open market to raise funds for its global projects.
At higher prices, individuals started selling their ornaments in anticipation that prices will go down and at that time they can replace the same quantity in less amount. In Feb 2009 and Mar 2009, there was no imports of gold to India.
All these indicate that gold will go down to Rs. 13000 per 10 gms.
The reasons were global stock markets were passing thro' worst period and investors started investing in gold, which is a safe investment right since ancient times. From around 45 INR per dollar went to 51 INR per dollar. Investors preferred gold for investment and thus buying interest was increased and the supply remained the same. Price shoot up.
But now, stock markets have shown some improvement and sentiment is very strong now. Rupee is again trading at 49 - 50 per dollar. And the G-20 countries have decided to allow IFM (International Monetory Fund) to sell 403 tonnes of gold reserves in the open market to raise funds for its global projects.
At higher prices, individuals started selling their ornaments in anticipation that prices will go down and at that time they can replace the same quantity in less amount. In Feb 2009 and Mar 2009, there was no imports of gold to India.
All these indicate that gold will go down to Rs. 13000 per 10 gms.
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1 comment:
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